Note 12 - Earnings Per Share (EPS)

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 12. EARNINGS PER SHARE (EPS)

The Company had dividend eligible PUs and DSUs that were outstanding during the six and three months ended June 30, 2024 and 2023. 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, 2024 and 2023.

(in thousands, except per share information)
	Six Months Ended June 30,						Three Months Ended June 30,
	2024			2023			2024			2023
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net income (loss) - Basic and diluted	$	14,797		$	13,779		$	(4,979	)	$	10,249
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		64,824			43,897			64,824			43,897
Unvested dividend eligible share based compensation outstanding at the balance sheet date		221			178			-			178
Effect of weighting		(10,246	)		(4,719	)		(7,060	)		(3,864	)
Weighted average shares-basic and diluted		54,799			39,356			57,764			40,211
Net income (loss) per common share:
Basic and diluted	$	0.27		$	0.35		$	(0.09	)	$	0.25