Note 11 - Earnings Per Share (EPS)

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible PUs and DSUs that were outstanding during the six and three months ended June 30, 2023 and 2022. The basic and diluted per share computations include these unvested PUs and DSUs if there is income available to common stock, as they have dividend participation rights. The unvested PUs and DSUs have no contractual obligation to share in losses. Because there is no such obligation, the unvested PUs and DSUs 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 six and three months ended June 30, 2023 and 2022.

(in thousands, except per share information)
	Six Months Ended June 30,						Three Months Ended June 30,
	2023			2022			2023			2022
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net income (loss) - Basic and diluted	$	13,779		$	(208,866	)	$	10,249		$	(60,139	)
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		43,897			35,250			43,897			35,250
Unvested dividend eligible share based compensation outstanding at the balance sheet date		178			-			178			-
Effect of weighting		(4,719	)		153			(3,864	)		157
Weighted average shares-basic and diluted		39,356			35,403			40,211			35,407
Net income (loss) per common share:
Basic and diluted	$	0.35		$	(5.90	)	$	0.25		$	(1.70	)
Anti-dilutive incentive shares not included in calculation		-			93			-			93