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Note 13 - Earnings per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings per Share

Note 13 - Earnings per Share

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding during the period combined with the incremental average shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. Potentially dilutive securities include stock options, convertible preferred stock, restricted stock, warrants, RSUs and OP units, which, subject to certain terms and conditions, may be tendered for redemption by the holder thereof for cash based on the market price of the Company’s common stock or, at the Company’s option and sole discretion, for shares of the Company’s common stock on a one-for-one basis. Stock options, convertible preferred stock, restricted stock, warrants, RSUs and OP units have been omitted from the Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact due to the net loss position. The weighted average number of anti-dilutive convertible preferred stock, restricted stock, RSUs and OP units outstanding for the year ended December 31, 2022 and 2021 was approximately 4.4 million and 3.3 million, respectively.

The following table sets forth the computation of earnings per common share for the years ended December 31, 2022 and 2021:

 

 

 

For the Year Ended December 31,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

Net loss

 

$

(16,273

)

 

$

(10,744

)

Less: Preferred equity return on Fortress preferred equity

 

 

(1,492

)

 

 

—

 

Less: Preferred OP units return

 

 

(48

)

 

 

—

 

Plus: Net loss attributable to noncontrolling interest

 

 

2,522

 

 

 

1,236

 

Net loss attributable to common stockholders

 

$

(15,291

)

 

$

(9,508

)

Denominator

 

 

 

 

 

 

Basic weighted-average common shares

 

 

32,379

 

 

 

26,929

 

Dilutive potential common shares

 

 

—

 

 

 

—

 

Diluted weighted-average common shares

 

 

32,379

 

 

 

26,929

 

 

 

 

 

 

 

Net loss per common share- basic and diluted

 

$

(0.47

)

 

$

(0.35

)