Note 2 - Earnings Per Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

2

– EARNINGS PER SHARE

Earnings per Common Share

Earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards, shares issuable upon the exercise of stock options and warrants, using the treasury stock method. 

For the

three

and

six

months ended

June 30, 2019

and

2018,

the Company calculated earnings per share as follows:

	For the three months ended June 30,				For the six months ended June 30,
(In thousands, except share and per share data)	2019		2018		2019		2018
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Net income available to common stockholders	$	988	$	134	$	15,661	$	10,932
Weighted average shares outstanding:
Total weighted average shares outstanding, basic		46,155,981		45,894,155		45,607,307		45,322,541
Dilutive potential common shares		3,329,023		548,456		2,673,695		272,439
Total weighted average shares outstanding, diluted		49,485,004		46,442,611		48,281,002		45,594,980
Net income per share available to common stockholders
Basic	$	0.02	$	-	$	0.34	$	0.24
Diluted	$	0.02	$	-	$	0.32	$	0.24

For the

three

and

six

months ended

June 30, 2019,

0.1

 million restricted shares are excluded from dilutive potential common shares as they were anti-dilutive. For the

three

months ended

June 30, 2018,

0.2

million restricted shares and 

0.2

million options are excluded from dilutive potential common shares as they were anti-dilutive. For the

six

 months ended

June 30, 2018,

0.2

million restricted shares,

0.2

million options and

10.1

million warrants are excluded from dilutive potential common shares as they were anti-dilutive.

On

July 17, 2019,

the Company completed a consent solicitation and exchange offer relating to the Company’s outstanding warrants (see Note

13

– Subsequent Event for more information).