Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6 . Stockholders' Equity

Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands):

	Three Months				Nine Months
	Ended				Ended
	September 30,		September 30,		September 30,		September 30,
	2020		2019		2020		2019
Weighted average shares outstanding for basic calculation		34,030		14,510		22,322		14,504
Add: Effect of dilutive stock awards		-		-		417		430
Weighted average shares outstanding, adjusted for diluted calculation		34,030		14,510		22,739		14,934

For the

three

month period ended

September 30, 2020,

the dilutive effect of stock options and restricted awards was

not

recognized since we had a net loss. For the

nine

month period ended

September 30, 2020,

approximately

15,000

stock awards were excluded from the diluted per share calculation as they would be anti-dilutive. For the prior year

three

and

nine

month period ended

September 30, 2019,

approximately

460,000

and

30,000

stock awards were excluded from the diluted per share calculation as they would be anti-dilutive, respectively.

The Company will repurchase common shares from time to time that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. There were

no

such repurchased shares during the current or prior

three

or

nine

month periods.

In 

July 2012, 

the Board authorized the purchase of up to 

$5.0

 million of our common stock.  These repurchases 

may 

be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices the Company deems appropriate.  In the

three

and

nine

months ending

September 30, 2020

and

2019,

no

shares were repurchased. The Company's board does

not

intend to repurchase additional shares of common stock under this authorization.

On

June 19, 2020,

the Company issued

19,500,000

shares of its common stock at a purchase price of

$0.65

per share to stockholders of record as of

May 18, 2020

in connection with its rights offering.

A reconciliation of the activity in Stockholders' Equity accounts for the

three

and

nine

months ended

September 30, 2020

is as follows (in thousands):

			Capital in
	Common		Excess of		Retained
	Stock		Par Value		Deficit
Balance at January 1, 2020	$	294	$	17,370	$	(3,765	)
Net income		-		-		1,054
Stock-based compensation expense		-		21		-
Balance at March 31, 2020	$	294	$	17,391	$	(2,711	)
Issuance of common stock		390		12,285		-
Net loss		-		-		(175	)
Stock-based compensation expense		-		20		-
Balance at June 30, 2020	$	684	$	29,696	$	(2,886	)
Net loss		-		-		(446	)
Stock-based compensation expense		-		21		-
Balance at September 30, 2020	$	684	$	29,717	$	(3,332	)

A reconciliation of the activity in Stockholders' Equity accounts for the

three

and

nine

months ended

September 30, 2019

is as follows (in thousands):

			Capital in
	Common		Excess of		Retained
	Stock		Par Value		Deficit
Balance at January 1, 2019	$	294	$	17,285	$	(3,935	)
Net income		-		-		1,366
Stock-based compensation expense		-		21		-
Balance at March 31, 2019	$	294	$	17,306	$	(2,569	)
Net loss		-		-		(902	)
Stock-based compensation expense		-		22		-
Balance at June 30, 2019	$	294	$	17,328	$	(3,471	)
Net loss		-		-		(59	)
Stock-based compensation expense		-		21		-
Balance at September 30, 2019	$	294	$	17,349	$	(3,530	)