Note H - Earnings Per Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note H - Earnings Per Share

Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. The Company includes the effect of participating securities in basic and diluted earnings per share computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Outstanding warrants were antidilutive as a result of the net loss for the six months ended June 30, 2022 and therefore were excluded from the dilutive calculation. The Company includes unvested PUs as contingently issuable shares in the computation of diluted EPS once the market criteria is met, assuming that the end of the reporting period is the end of the contingency period. The Company had 150,000 additional performance units that were granted to our executive officers on May 27, 2022, which are considered antidilutive to the dilutive loss per share calculation for the six months ended June 30, 2022. See Note F for additional information. The Company did not have any additional dilutive shares resulting in basic loss per share equaling dilutive loss per share for the six months ended June 30, 2021.

The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30, 2022			For the three months ended June 30, 2021			For the six months ended June 30, 2022			For the six months ended June 30, 2021
Numerator:
Net loss attributable to MIC	$	(2,436,000	)	$	(2,855,000	)	$	(4,992,000	)	$	(7,973,000	)
Net loss attributable to participating securities		—			—			—			—
Net loss attributable to MIC common stock	$	(2,436,000	)	$	(2,855,000	)	$	(4,992,000	)	$	(7,973,000	)
Denominator:
Basic and dilutive weighted average shares of Common Stock outstanding		7,762,375			7,739,952			7,762,375			7,735,888
Diluted share equivalents outstanding		—			—			—			—
Dilutive weighted average shares of Common Stock outstanding		7,762,375			7,739,952			7,762,375			7,735,888
Basic and diluted loss per weighted average common share:
Basic and dilutive	$	(0.31	)	$	(0.37	)	$	(0.64	)	$	(1.03	)