Note 5 - Loss Per Common Share

3 Months Ended

Mar. 31, 2024

Disclosure Text Block [Abstract]

Earnings per share

Note 5. Loss Per Common Share

We calculate basic loss per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive.

The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended March 31,
	2024			2023
Numerator
Net loss	$	(5,753	)	$	(3,173	)
Preferred stock dividends		(138	)		(138	)
Net loss applicable to common stockholders	$	(5,891	)	$	(3,311	)
Denominator
Basic weighted average common shares		616,199			600,075
Dilutive restricted stock units, warrants and deferred shares		—			—
Diluted weighted average common shares		616,199			600,075
Basic loss per common share	$	(0.01	)	$	(0.01	)
Diluted loss per common share	$	(0.01	)	$	(0.01	)

For the three months ended March 31, 2024 and 2023, all outstanding unvested restricted stock units, deferred restricted stock units, warrants and convertible preferred stock were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share.