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Note 16 - Earnings (Loss) Per Share
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 16 EARNINGS (LOSS) PER SHARE

 

The following table sets forth the reconciliation of numerators and denominators for the basic and diluted earnings (loss) per share computation for the years ended December 31, 2022 and December 31, 2021:

 

(in thousands, except per share data)

 

Years ended December 31,

 
  

2022

  

2021

 

Numerator:

        

Income (loss) from continuing operations

 $30,132  $(2,714)

Plus (less): net loss (income) from continuing operations attributable to noncontrolling interests

  1,471   (1,660)

Less: dividends on preferred stock, net of tax

  (306)  (494)

Numerator used in calculating basic earnings (loss) per share from continuing operations attributable to common shareholders

 $31,297  $(4,868)

Adjustment to add-back dividends on preferred stock

  306    

Adjustment for proportionate interest in Ravix and SNS's earnings attributable to common stock

  76    

Numerator used in calculating diluted earnings (loss) per share from continuing operations attributable to common shareholders

 $31,679  $(4,868)

Loss (income) from discontinued operations

  (15,067)  4,574 

Plus (less): net loss (income) from discontinued operations attributable to noncontrolling interests

  8,186   (542)

Numerator used in calculating diluted earnings (loss) per share - net income (loss) attributable to common shareholders

 $24,798  $(836)

Denominator:

        

Weighted average basic shares

        

Weighted average common shares outstanding

  22,961   22,537 

Weighted average diluted shares

        

Weighted average common shares outstanding

  22,961   22,537 

Effect of potentially dilutive securities (a)

        

Unvested restricted stock awards

  596    

Warrants

  811    

Convertible preferred stock

  936    

Total weighted average diluted shares

  25,304   22,537 

Basic earnings (loss) attributable to common shareholders:

        

Continuing operations

 $1.36  $(0.22)

Discontinued operations

 $(0.30) $0.18 

Basic earnings (loss) per share - net income (loss) attributable to common shareholders

 $1.06  $(0.04)

Diluted earnings (loss) attributable to common shareholders:

        

Continuing operations

 $1.25  $(0.22)

Discontinued operations

 $(0.27) $0.18 

Diluted earnings (loss) per share - net income (loss) attributable to common shareholders

 $0.98  $(0.04)

 

 

(a)

Potentially dilutive securities consist of unvested restricted stock awards, warrants and convertible preferred stock. Because the Company is reporting a loss from continuing operations attributable to common shareholders for the year ended December 31, 2021, all potentially dilutive securities outstanding were excluded from the calculation of diluted loss from continuing operations per share since their inclusion would have been anti-dilutive.

 

Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period.  Diluted earnings (loss) per share is calculated using weighted-average diluted shares. Weighted-average diluted shares is calculated by adding the effect of potentially dilutive securities to weighted-average common shares outstanding.  Potentially dilutive securities are excluded from the diluted earnings (loss) per share computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive.

 

The following weighted-average potentially dilutive securities are not included in the diluted earnings (loss) per share calculations above because they would have had an antidilutive effect on the earnings (loss) per share:

 

  

Years ended December 31,

 
  

2022

  

2021

 

Unvested restricted stock awards

  550,528   1,252,754 

Warrants

     4,573,765 

Convertible preferred stock

     1,060,831 

Total

  550,528   6,887,350