Note 2 - Earnings Per Share

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

2

– EARNINGS PER SHARE

Earnings per Common Share

Earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards, shares issuable upon the exercise of stock options and previously outstanding warrants, using the treasury stock method. 

For the

three

months ended

March 31, 2020

and

2019,

the Company calculated earnings per share as follows:

	For the three months ended March 31,
	2020			2019
(In thousands, except share and per share data)		(unaudited)			(unaudited)
Net (loss) income available to common stockholders	$	(1,934	)	$	14,673
Weighted average shares outstanding:
Total weighted average shares outstanding, basic		49,625,127			45,565,381
Dilutive potential common shares		-			270,742
Dilutive potential options		-			36,120
Dilutive potential warrants		-			1,557,100
Total weighted average shares outstanding, diluted		49,625,127			47,429,343
Net (loss) income per share available to common stockholders
Basic	$	(0.04	)	$	0.32
Diluted	$	(0.04	)	$	0.31

For the

three

months ended

March 31, 2020,

the Company incurred a net loss, therefore basic and diluted net loss per share are the same. As of

March 31, 2020, 

0.5

million restricted shares and

0.2

million options were excluded from dilutive potential common shares for the period as they were anti-dilutive. As of

March 31, 2019,

0.2

million restricted shares were excluded from dilutive potential common shares as their performance targets were

not

yet achieved.