Note 13 - Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 13: Income (Loss) per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share. At December 31, 2014, there were 369,528,345 shares of our common stock issued and 2,151,482 shares issued and held in treasury, for a net of 367,376,863 shares outstanding.

We calculate basic earnings per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted earnings 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 stock options, restricted stock awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares 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.

A total of 157,816 shares of preferred stock were outstanding at December 31, 2014.

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

	Year ended December 31,
	2014			2013			2012
Numerator
Net income (loss)	$	17,824		$	(25,130	)	$	14,954
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common shares	$	17,272		$	(25,682	)	$	14,402
Denominator
Basic weighted average common shares		353,442			318,679			285,375
Dilutive stock options, restricted stock, and warrants		3,993			—			12,191
Diluted weighted average common shares		357,435			318,679			297,566
Basic earnings (loss) per common share	$	0.05		$	(0.08	)	$	0.05
Diluted earnings (loss) per common share	$	0.05		$	(0.08	)	$	0.05

For the years ended December 31, 2014 and 2012, we excluded options whose exercise prices exceeded the average prices of our stock during the periods, as their exercise would not have reduced earnings per share. The following options were excluded:

	Year ended December 31,
	2014		2013
Stock options		259,342		570,005

For the year ended December 31, 2013, all outstanding options, restricted share units, and warrants were excluded from the computation of diluted earnings (loss) per share, as our reported net losses for that period would cause their conversion and exercise to have no effect on the calculation of earnings (loss) per share.