Note 6 - (Loss) Income Per Common Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 6.    (Loss) Income Per Common Share

We calculate basic (loss) income per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted (loss) income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
					Revised						Revised
Numerator
Net (loss) income	$	(979	)	$	15,280		$	23,220		$	(12,562	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net (loss) income applicable to common shares	$	(1,117	)	$	15,142		$	22,806		$	(12,976	)
Denominator
Basic weighted average common shares		536,966			529,838			535,542			526,098
Dilutive restricted stock units, warrants and deferred shares		—			5,950			6,227			—
Diluted weighted average common shares		536,966			535,788			541,769			526,098
Basic (loss) income per common share (in cents)		(0.2	)		2.9			4.3			(2.5	)
Diluted (loss) income per common share (in cents)		(0.2	)		2.8			4.2			(2.5	)

Diluted (loss) income per share for the three and nine months ended September 30, 2021 and 2020 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 period ended September 30, 2021 and nine-month period ended September 30, 2020, all restricted share units, deferred shares and warrants were excluded from the computation of diluted loss per share, as our reported loss for that period would cause their conversion and exercise to have no effect on the calculation of loss per share.  For the nine-month period ended September 30, 2021, the calculation of diluted income per common share included (i) 2,496,622 unvested restricted stock units during the period, (ii) 1,578,293 warrants to purchase one share of common stock and (iii) 2,152,578 deferred shares that were dilutive. For the three-month period ended September 30, 2020, the calculation of diluted income per common share included (i) unvested 2,499,956 restricted stock units during the period, (ii) 1,454,246 warrants to purchase one share of common stock and (iii) 1,996,112 deferred shares that were dilutive.