Note 14 - Loss Per Common Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 14: Loss per Common Share

We calculate basic loss per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted loss 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.

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

	Year ended December 31,
	2020			2019			2018
Numerator
Net loss	$	(16,790	)	$	(99,557	)	$	(26,563	)
Preferred stock dividends		(552	)		(552	)		(552	)
Net loss applicable to common shares	$	(17,342	)	$	(100,109	)	$	(27,115	)
Denominator
Basic weighted average common shares		527,329			490,449			433,419
Dilutive stock options, restricted stock units, and warrants		—			—			—
Diluted weighted average common shares		527,329			490,449			433,419
Basic loss per common share	$	(0.03	)	$	(0.20	)	$	(0.06	)
Diluted loss per common share	$	(0.03	)	$	(0.20	)	$	(0.06	)

For the years ended December 31, 2020, 2019 and 2018, 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.