Note 15 - Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

15. 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. Due to the Company’s loss position, the share-based payment awards are anti-dilutive.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Shares used in the calculation of basic EPS		14,364		14,839		14,331		14,769
Effect of dilutive securities:
Share based awards		153		17		-		-
Diluted shares used in the calculation of EPS		14,517		14,856		14,331		14,769

The Company had a net loss during the six-month periods ended June 30, 2025 and 2024, respectively, and therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options of 1.8 million shares and 2.3 million shares were outstanding at June 30, 2025 and 2024, respectively. Restricted and performance stock units totaling 1.3 million and 0.9 million were outstanding at June 30, 2025 and 2024, respectively. Of these securities outstanding, 0.1 million and a nominal amount of securities for the three-month periods ended June 30, 2025 and 2024, respectively, were considered to be dilutive in the computation of diluted EPS.