Note 13 - Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2015

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, 2015, there were 380,877,813 shares of our common stock issued and 2,764,973 shares issued and held in treasury, for a net of 378,112,840 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, 2015.

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

	Year ended December 31,
	2015			2014			2013
Numerator
Net income (loss)	$	(86,968	)	$	17,824		$	(25,130	)
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common shares	$	(87,520	)	$	17,272		$	(25,682	)
Denominator
Basic weighted average common shares		373,954			353,442			318,679
Dilutive stock options, restricted stock, and warrants		—			3,993			—
Diluted weighted average common shares		373,954			357,435			318,679
Basic earnings (loss) per common share	$	(0.23	)	$	0.05		$	(0.08	)
Diluted earnings (loss) per common share	$	(0.23	)	$	0.05		$	(0.08	)

For the years ended December 31, 2015 and 2013, all outstanding restricted share units and warrants, and for the year ended December 31, 2013, all outstanding options 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.

For the year ended December 31, 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.