Note 5 - (Loss) Income Per Common Share

9 Months Ended

Sep. 30, 2022

Disclosure Text Block [Abstract]

Earnings Per Share [Text Block]

Note 5. (Loss) Income Per Common Share

We calculate basic (loss) income 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) income per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator
Net (loss) income	$	(23,526	)	$	(979	)	$	(32,896	)	$	23,220
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net (loss) income applicable to common shares	$	(23,664	)	$	(1,117	)	$	(33,310	)	$	22,806
Denominator
Basic weighted average common shares		554,531			536,966			544,000			535,542
Dilutive restricted stock units, warrants and deferred shares		—			—			—			6,227
Diluted weighted average common shares		554,531			536,966			544,000			541,769
Basic (loss) income per common share	$	(0.04	)	$	—		$	(0.06	)	$	0.04
Diluted (loss) income per common share	$	(0.04	)	$	—		$	(0.06	)	$	0.04

For the three month periods ended September 30, 2022 and 2021, respectively, and the nine month period ended September 30, 2022, all outstanding restricted stock units, warrants and deferred shares 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. For the nine months ended September 30, 2021, the calculation of diluted income per common share included (i) 2,496,622 restricted stock units, (ii) 1,578,293 warrants to purchase one share of common stock and (iii) 2,152,578 deferred compensation stock units that were dilutive.