Note 5 - (Loss) Income Per Common Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 5.    (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 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 income (loss) per share): 

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator
Net (loss) income	$	(13,523	)	$	2,748		$	(9,370	)	$	24,199
Preferred stock dividends		(138	)		(138	)		(276	)		(276	)
Net (loss) income applicable to common shares	$	(13,661	)	$	2,610		$	(9,646	)	$	23,923
Denominator
Basic weighted average common shares		539,401			535,531			538,943			534,819
Dilutive restricted stock units, warrants and deferred shares		—			6,731			—			6,649
Diluted weighted average common shares		539,401			542,262			538,943			541,468
Basic (loss) income per common share	$	(0.03	)	$	0.01		$	(0.02	)	$	0.04
Diluted (loss) income per common share	$	(0.03	)	$	0.01		$	(0.02	)	$	0.04

For the three and six months ended June 30, 2022, 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 those periods would cause their conversion and exercise to have no effect on the calculation of loss per share. For the three months ended June 30, 2021, the calculation of diluted income per common share included (i) 2,960,950 restricted stock units, (ii) 1,635,675 warrants to purchase one share of common stock and (iii) 2,134,009 deferred shares of common stock that were dilutive. For the six months ended June 30, 2021, the calculation of diluted income per common share included (i) 2,923,515 restricted stock units, (ii) 1,591,935 warrants to purchase one share of common stock and (iii) 2,134,009 deferred shares that were dilutive.