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Note 5 - (Loss) Earnings Per Common Share
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 5.    (Loss) Earnings Per Common Share

 

We are authorized to issue 750,000,000 shares of common stock, $0.25 par value per share. At June 30, 2019, there were 488,870,345 shares of our common stock issued and 5,941,436 shares issued and held in treasury, for a net of 488,870,345 shares outstanding. Basic and diluted (loss) earnings per common share, after preferred dividends, was $(0.10) and $0.03 for the three-month periods ended June 30, 2019 and 2018, respectively. Basic and diluted (loss) earnings per common share, after preferred dividends, was $(0.15) and $0.05 for the six-month periods ended June 30, 2019 and 2018, respectively.

 

Diluted (loss) earnings per share for the three and six months ended June 30, 2019 and 2018 excludes the potential effects of outstanding shares of our convertible preferred stock, as their conversion would have no effect on the calculation of dilutive shares.

 

For the three-month and six-month periods ended June 30, 2019, all restricted share units, deferred shares and warrants were excluded from the computation of diluted loss per share, as our reported loss for those periods would cause them to have no effect on the calculation of loss per share. For the three-month and six-month periods ended June 30, 2018, the calculation of diluted income per share included dilutive (i) restricted stock units that were unvested or which vested in the current period of 1,268,601 and 1,179,086, respectively, and (ii) deferred shares of 1,721,932 for each period. For the three-month and six-month periods ended June 30, 2018, there were unvested restricted stock units of 2,218,281 and 2,307,796, respectively, and deferred shares of 106,185 for each period, which were not dilutive. There were no warrants outstanding during the three-month and six-month periods ended June 30, 2018.