Note 5 - Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2024

Disclosure Text Block [Abstract]

Earnings (Loss) Per Common Share

Note 5. Earnings (Loss) Per Common Share

We calculate basic income (loss) per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, performance share units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive.

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator
Net income (loss)	$	27,870		$	(15,694	)	$	22,117		$	(18,867	)
Preferred stock dividends		(138	)		(138	)		(276	)		(276	)
Net income (loss) applicable to common stockholders	$	27,732		$	(15,832	)	$	21,841		$	(19,143	)
Denominator
Basic weighted average common shares		617,106			604,088			616,649			602,077
Dilutive restricted stock units, warrants and deferred shares		5,100			—			5,287			—
Diluted weighted average common shares		622,206			604,088			621,936			602,077
Basic earnings (loss) per common share	$	0.04		$	(0.03	)	$	0.04		$	(0.03	)
Diluted earnings (loss) per common share	$	0.04		$	(0.03	)	$	0.04		$	(0.03	)

For the three and six months ended June 30, 2023, all outstanding unvested restricted stock units, deferred restricted stock units, warrants and convertible preferred stock were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share.