Note 4 - Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 EARNINGS (LOSS) PER SHARE

Basic income (loss) per share is computed by dividing our net income (loss) by the weighted average number of shares of our Common Stock outstanding during the period. Shares of Common Stock outstanding under the share lending arrangement entered into in conjunction with the 2025 Notes (as defined in Note 7) have been excluded from the calculation of basic and diluted earnings per share because the borrower of the shares is required under the share lending arrangement to refund any dividends paid on the shares lent. We terminated the share lending agreement on January 22, 2024.  Refer to Note 7. For diluted earnings per share, the dilutive impact of stock options and warrants is determined by applying the “treasury stock” method. The dilutive impact of the 2029 Convertible Notes, 2033 Senior Notes, the 2023 Convertible Notes and the 2025 Notes (each, as defined and discussed in Note 7) has been considered using the “if converted” method. For periods in which their effect would have been antidilutive, no effect is given in the dilutive computation to Common Stock issuable under outstanding options or warrants or the potentially dilutive shares issuable pursuant to the 2029 Convertible Notes, 2033 Senior Notes, the 2023 Convertible Notes and the 2025 Notes. The following table sets forth the computation of basic and diluted income (loss) per share:

	For the three months ended September 30,					For the nine months ended September 30,
(In thousands, except per share data)	2024		2023			2024			2023
Numerator
Net income (loss), basic	$	24,890	$	(84,473	)	$	(67,251	)	$	(122,380	)
Add: Interest on 2025 Notes		1		-			-			-
Add: Interest on 2029 Convertible Notes		6,858		-			-			-
Add: Loss on buy back of 2029 Convertible Notes		32		-			-			-
Net income (loss), diluted	$	31,781	$	(84,473	)	$	(67,251	)	$	(122,380	)
Denominator
(Shares in thousands)
Weighted average common shares outstanding, basic		694,622,466		751,525,007			699,675,944			751,716,692
Effect of dilutive securities:
Stock options		76,922		-			-			-
Warrants		-		-			-			-
2025 Notes		48,295		-			-			-
2023 Convertible Notes		-		-			-			-
2033 Senior Notes		8,489		-			-			-
2029 Convertible Notes		303,607,464
Dilutive potential shares		303,741,170		-			-			-
Weighted average common shares outstanding, diluted		998,363,636		751,525,007			699,675,944			751,716,692
Loss per share, basic	$	0.04	$	(0.11	)	$	(0.10	)	$	(0.16	)
Loss per share, diluted	$	0.03	$	(0.11	)	$	(0.10	)	$	(0.16	)

A total of 0 and 83,074,689 potential shares of Common Stock were excluded from the calculation of diluted net loss per share for the three months ended September 30, 2024 and 2023, respectively, because their inclusion would have been antidilutive. A total of 286,281,585 and 82,368,398 potential shares of Common Stock were excluded from the calculation of diluted net loss per share for the nine months ended September 30, 2024 and 2023, respectively, because their inclusion would have been antidilutive.

During the three months ended September 30, 2024, no options were exercised and no restricted stock units vested, resulting in the issuance of no shares of Common Stock.

During the nine months ended September 30, 2024, no options were exercised and 549,687 restricted stock units vested, resulting in the issuance of 384,378 shares of Common Stock.

During the three months ended September 30, 2023, 18,750 options were exercised and no restricted stock units vested, resulting in the issuance of 18,750 shares of Common Stock.

During the nine months ended September 30, 2023, 18,750 options were exercised and 549,680 restricted stock units vested, resulting in the issuance of 405,721 shares of Common Stock.