Loss Per Common Share

6 Months Ended

Jun. 30, 2023

Loss Per Common Share

Loss Per Common Share

(7)Loss Per Common Share

Because there is a net loss available to common shareholders in each of the periods, only basic and diluted loss per common share is presented. Basic net loss available to common shareholders per common share is computed by dividing the net loss, less any dividends, accretion or reduction or redemption on our Series C Preferred Stock, by the weighted average number of shares of common stock outstanding during the period. The Company had no outstanding common stock equivalents during any of the periods presented.

For purposes of calculating diluted earnings per common share, the denominator normally includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Because a net loss available to common shareholders was incurred in each of the three and six-month periods ended June 30, 2023 and 2022, common stock equivalents would be anti-dilutive. During each of the three and six-month periods ended June 30, 2023 and 2022, there were no common stock equivalents. Loss per common share information is as follows (in thousands, except per share amounts) for the three months and six months ended June 30, 2023 and 2022:

	Three months ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	183	$	(213)	$	380	$	(504)
Accretion of dividend on Series C preferred stock		(531)		(531)		(1,062)		(1,062)
Net loss available to common shareholders	$	(348)	$	(744)		(682)	$	(1,566)
Weighted-average number of common shares outstanding		74,215		74,215		74,215		74,215
Basic and diluted loss per common share	$	(0.00)	$	(0.01)	$	(0.01)	$	(0.02)