Note 8 - Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2024

Notes To Financial Statements [Abstract]

Income (Loss) per Common Share

Note 8: Income (Loss) per Common Share

We calculate basic income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, and restricted stock units, and if-converted method for convertible preferred shares.

Potential dilutive common shares include outstanding unvested restricted stock unit awards, deferred restricted stock units, performance based units, warrants and convertible preferred stock (collectively referred to as dilutive units) for periods in which we have reported net income. The 2024 dilutive units exclude the impact of 2,068,000 warrants exerciseable at $8.02 per warrant, due to their anti-dilutive impact. For periods in which we reported net losses, potential dilutive units are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.

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

	Year ended December 31,
	2024			2023			2022
Numerator
Net income (loss)	$	35,802		$	(84,217	)	$	(37,348	)
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common stockholders	$	35,250		$	(84,769	)	$	(37,900	)
Denominator
Basic weighted average common shares		620,848			605,668			557,344
Dilutive units		1,687			—			—
Diluted weighted average common shares		622,535			605,668			557,344
Basic income (loss) per common share	$	0.06		$	(0.14	)	$	(0.07	)
Diluted income (loss) per common share	$	0.06		$	(0.14	)	$	(0.07	)

For the years ended December 31, 2023 and 2022, all outstanding dilutive units were excluded from the computation of diluted loss per share, as our reported net losses for those periods would cause their conversion and exercise to have no effect on the calculation of loss per share.