Note 18 - Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

18. Earnings per Share (“EPS”)

Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based awards using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted EPS (in thousands):

	Years Ended December 31,
	2021		2020		2019
Shares used in the calculation of basic EPS		14,401		14,222		14,121
Effect of dilutive securities:
Share based awards		233		-		253
Diluted shares used in the calculation of EPS		14,634		14,222		14,374

Stock options of 1.1 million and 0.5 million shares were outstanding for the years ended December 31, 2021 and 2019, respectively, and were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive. The Company was in a loss position during the year ended December 31, 2020, therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS.

At December 31, 2021 and 2020 there were no outstanding unvested RSAs. At December 31, 2019 a total of 13,000 shares of unvested RSAs were excluded from the basic earnings per share.