Note 3 - Earnings Per Share

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 3 — EARNINGS PER SHARE

Earnings per common share is computed using the two-class method related to its Preferred Stock. Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of convertible preferred shares based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock. 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, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.

For the years ended December 31, 2021 and 2020, the Company incurred a net loss from operations, therefore 0.8 million restricted shares, 1.5 million options and 9.1 million common shares issuable upon the conversion of the Preferred Stock as of December 31, 2021, and 1.0 million restricted shares, 0.5 million options and 9.1 million common shares issuable upon the conversion of the Preferred Stock as of December 31, 2020, were excluded from dilutive potential common shares for the periods as they are anti-dilutive.

For the years ended December 31, 2021, 2020 and 2019, the Company calculated earnings per share as follows:

	For the years ended December 31,
	2021			2020			2019
(In thousands, except share and per share data)
Net (loss) income attributable to Lindblad Expeditions Holdings, Inc.	$	(119,206	)	$	(98,737	)	$	16,353
Series A redeemable convertible preferred stock dividend		5,289			1,705			-
Non-cash deemed dividend		170			-			2,654
Undistributed (loss) income available to stockholders	$	(124,665	)	$	(100,442	)	$	13,699
Weighted average shares outstanding:
Total weighted average shares outstanding, basic		50,109,426			49,737,129			47,440,788
Total weighted average shares outstanding, diluted		50,109,426			49,737,129			49,426,563
Undistributed (loss) income per share available to stockholders:
Basic	$	(2.41	)	$	(2.01	)	$	0.29
Diluted	$	(2.41	)	$	(2.01	)	$	0.28