Note 13 - Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

13:

Income (Loss) per Common Share

We are authorized to issue

750,000,000

shares of common stock,

$0.25

par value per share. At

December

 

31,

2017,

there were

403,705,875

shares of our common stock issued and

4,529,450

shares issued and held in treasury, for a net of

399,176,425

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 restricted stock unit 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,

2017,

2016

and

2015.

The following table represents net income per common share

– basic and diluted (in thousands, except earnings per share):

	Year ended December 31,
	2017			2016			2015
Numerator
Net income (loss)	$	(23,519	)	$	69,547		$	(86,968	)
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common shares	$	(24,071	)	$	68,995		$	(87,520	)
Denominator
Basic weighted average common shares		397,394			386,416			373,954
Dilutive stock options, restricted stock units, and warrants		—			2,906			—
Diluted weighted average common shares		397,394			389,322			373,954
Basic earnings (loss) per common share	$	(0.06	)	$	0.18		$	(0.23	)
Diluted earnings (loss) per common share	$	(0.06	)	$	0.18		$	(0.23	)

There were

no

options outstanding for the years ended

December

 

31,

2017,

2016

and

2015,

and

no

warrants outstanding for the years ended

December 

31,

2017

and

2016.

For the years ended

December 31, 2017

and

2015,

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 that period would cause their conversion and exercise to have

no

effect on the calculation of loss per share. For the year ended

December 31, 2016,

4,309,440

restricted stock units that were unvested or vested during the year and

635,602

deferred shares were included in the calculation of diluted earnings per share.