Note 11 - Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the years ended December 31, 2022, 2021 and 2020. The basic and diluted per share computations include these unvested Performance Units and Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested Performance Units and Deferred Stock Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2022, 2021 and 2020.

(in thousands, except per-share information)
	2022			2021			2020
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net (loss) income - Basic and diluted	$	(258,453	)	$	(64,760	)	$	2,128
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		36,765			35,399			15,215
Unvested dividend eligible share based compensation outstanding at the balance sheet date		-			-			19
Effect of weighting		700			(11,170	)		(1,792	)
Weighted average shares-basic and diluted		37,465			24,229			13,442
Net (loss) income per common share:
Basic and diluted	$	(6.90	)	$	(2.67	)	$	0.16
Anti-dilutive incentive shares not included in calculation.		91			55			-