Note 5 - Loss Per Common Share

9 Months Ended

Sep. 30, 2015

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, 2015, there were 380,462,379 shares of our common stock issued and 2,764,973 shares issued and held in treasury, for a net of 377,697,406 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, 2015 and 2014 (thousands, except per-share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator
Net income (loss)	$	(9,890	)	$	3,676		$	(24,005	)	$	919
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net income (loss) applicable to common shares for basic and diluted earnings per share	$	(10,028	)	$	3,538		$	(24,419	)	$	505
Denominator
Basic weighted average common shares		377,508			359,472			372,555			348,801
Dilutive warrants, stock options and restricted stock		—			2,790			—			5,872
Diluted weighted average common shares		377,508			362,262			372,555			354,673
Basic earnings (loss) per common share
Net income (loss) applicable to common shares	$	(0.03	)	$	0.01		$	(0.07	)	$	—
Diluted earnings (loss) per common share
Net income (loss) applicable to common shares	$	(0.03	)	$	0.01		$	(0.07	)	$	—

Diluted income (loss) per share for the three- and nine-month periods ended September 30, 2015 and 2014 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, 2015, all outstanding options, restricted share units, and warrants 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 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.