Note 13 - Earnings and Dividends Per Share

9 Months Ended

Sep. 30, 2025

(13)

Earnings and Dividends Per Share

A reconciliation between basic and diluted income per share for the periods indicated was as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(in thousands,						(in thousands,
	except share and per share amounts)						except share and per share amounts)

Net income (loss)	$	(4,676	)	$	(5,000	)	$	(4,154	)	$	(4,726	)

Basic and diluted earnings (loss) per share	$	(0.31	)	$	(0.34	)	$	(0.28	)	$	(0.32	)
Basic and diluted shares used in computing earnings per share		14,921,968			14,921,968			14,921,968			14,921,968

Diluted EPS for the three and nine months ended September 30, 2025 and 2024 was the same as basic EPS as there were no stock options or other dilutive instruments outstanding. Basic and diluted EPS is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding.

Stockholders are entitled to receive such dividends as may be declared by our Board out of funds legally available for such purpose. However, no dividend may be declared or paid unless after-tax profit was made in the preceding fiscal year, we comply with covenants in our secured loan agreements, we are current on all required debt payments, and we have received prior written concurrence from certain lenders.