Note 12 - Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 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 years ended December 31, 2024, 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 years ended December 31, 2024, 2023 and 2022.

(in thousands, except per-share information)
	2024			2023			2022
Numerator for basic and diluted EPS per share of common stock:
Net income (loss) - Basic and diluted	$	37,662		$	(39,226	)	$	(258,453	)
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		82,622			51,636			36,765
Unvested dividend eligible share based compensation outstanding at the balance sheet date		235			-			-
Effect of weighting		(17,408	)		(6,987	)		700
Weighted average shares-basic and diluted		65,449			44,649			37,465
Net income (loss) per common share:
Basic and diluted	$	0.57		$	(0.89	)	$	(6.90	)
Anti-dilutive incentive shares not included in calculation.		-			192			91