Note 7 - Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

7. Net Income (Loss) Per Share

The calculations of net income (loss) per share were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
	(Unaudited - In thousands, except per share data)
Basic:
Net income (loss)	$	(3,164	)	$	18,333	$	(9,390	)	$	35,638
Weighted average common shares outstanding		16,281			20,786		16,405			20,847
Net income (loss) per share	$	(0.19	)	$	0.88	$	(0.57	)	$	1.71
Diluted:
Net income (loss) for dilutive share computation	$	(3,164	)	$	18,333	$	(9,390	)	$	35,638
Number of shares used in basic per share computation		16,281			20,786		16,405			20,847
Unvested restricted stock and DSU's		—			—		—			—
Employee stock options		—			—		—			—
Weighted average common shares outstanding		16,281			20,786		16,405			20,847
Net income (loss) per dilutive share	$	(0.19	)	$	0.88	$	(0.57	)	$	1.71

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).

If an equity method company has dilutive stock options, unvested restricted stock, DSUs or warrants, diluted net income (loss) per share is computed by first deducting the income attributable to the potential exercise of the dilutive securities of the company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.

Diluted earnings per share do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions:

• At September 30, 2022 and 2021, options to purchase 18 thousand and 31 thousand shares of common stock, respectively, at prices ranging from $10.37 to $17.11 and $10.37 to $17.11, respectively, were excluded from the calculations.

• At September 30, 2022 and 2021, unvested restricted stock and performance-based stock units convertible into 0.2 million and 0.2 million shares of stock, respectively, were excluded from the calculations.