Note 6 - Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

6—Net

Income (Loss) Per Common Share

Net income (loss) applicable to common stock was used as the numerator in computing basic and diluted net income (loss) per common share for the

three

months ended

March 31, 2019

and

2018

. The Company used the treasury stock method in determining the effects of potentially dilutive restricted stock. The following table sets forth information related to the computations of basic and diluted net income (loss) per common share:

	Three Months Ended March 31, 2019		Three Months Ended March 31, 2018
	(Amounts in thousands, except per share data)
Basic net income (loss) per common share:
Net income (loss) applicable to common stock	$	448	$	(5,324	)
Weighted average shares of common stock outstanding		12,151		11,218
Basic net income (loss) per common share	$	0.04	$	(0.47	)
Diluted net income (loss) per common share:
Net income (loss) applicable to common stock	$	448	$	(5,324	)
Weighted average shares of common stock outstanding		12,151		11,218
Common shares issuable upon conversion of the Convertible Second Lien Notes associated warrants		150		-
Common shares issuable upon conversion of warrants of unsecured claim holders		1,418		-
Common shares issuable on assumed conversion of restricted stock **		413		-
Diluted weighted average shares of common stock outstanding		14,132		11,218
Diluted net income (loss) per common share (1) (2) (3)	$	0.03	$	(0.47	)
(1) Common shares issuable on assumed conversion of share-based compensation were not included in the computation of diluted net loss per common share since their inclusion would have been anti-dilutive. **		-		201
(2) Common shares issuable upon conversion of the Convertible Second Lien Notes were not included in the computation of diluted net income (loss) per common share since their inclusion would have been anti-dilutive.		1,875		1,875
(3) Common shares issuable upon conversion of the warrants associated with the Convertible Second Lien Notes and unsecured claim holders were not included in the computation of diluted net income (loss) per common share since their inclusion would have been anti-dilutive.		-		1,916

** - Common shares issuable on assumed conversion of share-based compensation assumes a payout of the Company's performance share awards at

100%

of the initial units granted (or a ratio of

one

unit to

one

common share). The range of common stock shares which

may

be earned ranges from

zero

to

250%

of the initial performance units granted.