Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2021

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				Six Months
	Ended				Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Weighted average shares outstanding for basic calculation		33,988		19,395		33,988		17,305
Add: Effect of dilutive stock awards		-		-		-		417
Weighted average shares outstanding, adjusted for diluted calculation		33,988		19,395		33,988		17,721

For the three and six month periods ended June 30, 2021, the dilutive effect of stock options and restricted awards was not recognized since we had a net loss. For the three month period ended June 30, 2020, the dilutive effect of stock options and restricted awards was not recognized since we had a net loss. For the six month period ended June 30, 2020, approximately 417,000 stock awards were excluded from the diluted per share calculation as they would be anti-dilutive.

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 year three and six month periods.

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 six months ended June 30, 2021 is as follows (in thousands):

			Capital in
	Common		Excess of		Retained
	Stock		Par Value		Deficit
Balance at January 1, 2021	$	684	$	29,738	$	(3,702	)
Net loss		-		-		(188	)
Stock-based compensation expense		-		21		-
Balance at March 31, 2021	$	684	$	29,759	$	(3,890	)
Net loss		-		-		(109	)
Stock-based compensation expense		-		21		-
Balance at June 30, 2021	$	684	$	29,780	$	(3,999	)

A reconciliation of the activity in Stockholders’ Equity accounts for the six months ended June 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	)