Note 5 - Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 5.    Earnings (Loss) Per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share. At September 30, 2014, there were 369,039,622 shares of our common stock issued and 2,151,482 shares issued and held in treasury, for a net of 366,888,140 shares outstanding.

The following table reconciles weighted average shares outstanding used in the computations of basic and diluted earnings (loss) per share for the three- and nine-month periods ended September 30, 2014 and 2013 (thousands, except per-share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Numerator
Net income (loss)	$	3,676		$	(8,458	)	$	919		$	(22,222	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net income (loss) applicable to common shares for basic and diluted earnings per share	$	3,538		$	(8,596	)	$	505		$	(22,636	)
Denominator
Basic weighted average common shares		359,472			342,638			348,801			310,601
Dilutive warrants, stock options and restricted stock		2,790			—			5,872			—
Diluted weighted average common shares		362,262			342,638			354,673			310,601
Basic earnings (loss) per common share
Net income (loss) applicable to common shares	$	0.01		$	(0.03	)	$	—		$	(0.07	)
Diluted earnings (loss) per common share
Net income (loss) applicable to common shares	$	0.01		$	(0.03	)	$	—		$	(0.07	)

Diluted income (loss) per share for the three- and nine-month periods ended September 30, 2014 and 2013 excludes the potential effects of outstanding shares of our convertible preferred stock, as their conversion and exercise would have no effect on the calculation of dilutive shares.

For the three-month and nine-month periods ended September 30, 2014, options to purchase 259,342 shares of our common stock were excluded from the computation of diluted earnings per share, as the exercise price of the options exceeded the average price of our stock during those periods and therefore would not affect the calculation of earnings per share. All outstanding options, restricted share units, and warrants were excluded from the computation of diluted loss per share for the three-month and nine-month periods ended September 30, 2013, 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.