Note 2 - Earnings Per Share

6 Months Ended

Jun. 30, 2020

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 previously outstanding warrants, using the treasury stock method. 

For the three and six months ended June 30, 2020 and 2019, the Company calculated earnings per share as follows:
 

	For the three months ended June 30,					For the six months ended June 30,
	2020			2019		2020			2019
(In thousands, except share and per share data)		(unaudited)			(unaudited)		(unaudited)			(unaudited)
Net (loss) income available to common stockholders	$	(39,658	)	$	988	$	(41,593	)	$	15,661
Weighted average shares outstanding:
Total weighted average shares outstanding, basic		49,741,635			46,155,981		49,683,381			45,607,307
Dilutive potential common shares		-			237,813		-			251,131
Dilutive potential options		-			70,164		-			55,183
Dilutive potential warrants		-			3,021,046		-			2,367,381
Total weighted average shares outstanding, diluted		49,741,635			49,485,004		49,683,381			48,281,002
Net (loss) income per share available to common stockholders
Basic	$	(0.80	)	$	0.02	$	(0.84	)	$	0.34
Diluted	$	(0.80	)	$	0.02	$	(0.84	)	$	0.32

For the three and six months ended June 30, 2020, the Company incurred a net loss from operations, therefore 0.3 million restricted shares and 0.2 million options were excluded from dilutive potential common shares for the periods as they are anti-dilutive, and basic and diluted net loss per share are the same for the periods. 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.