Note 13 - Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

13:

Income (Loss) per Common Share

We are authorized to issue

500,000,000

shares of common stock,

$0.25

par value per share. At

December

 

31,

2016,

there were

399,228,085

shares of our common stock issued and

3,941,210

shares issued and held in treasury, for a net of

395,286,875

shares outstanding.

We calculate basic earnings per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted earnings per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, and restricted stock units, and if-converted method for convertible preferred shares.

Potential dilutive common shares include outstanding stock options, restricted stock unit awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.

A total of

157,816

shares of preferred stock were outstanding at

December

 

31,

2016,

2015

and

2014.

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

	Year ended December 31,
	2016			2015			2014
Numerator
Net income (loss)	$	69,547		$	(86,968	)	$	17,824
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common shares	$	68,995		$	(87,520	)	$	17,272
Denominator
Basic weighted average common shares		386,416			373,954			353,442
Dilutive stock options, restricted stock units, and warrants		2,906			—			3,993
Diluted weighted average common shares		389,322			373,954			357,435
Basic earnings (loss) per common share	$	0.18		$	(0.23	)	$	0.05
Diluted earnings (loss) per common share	$	0.18		$	(0.23	)	$	0.05

There were

no

outstanding options for the years ended

December

31,

2016

and

2015.

For the year ended

December

 

31,

2014,

options to purchase

259,342

shares of our common stock were excluded from the computation of diluted earnings per share, as the exercise price of the options exceeded the average price of our stock during those periods and therefore would not affect the calculation of earnings per share. For the years ended

December

31,

2016

and

2014,

respectively,

4,309,440

and

4,670,170

restricted stock units that were unvested or vested during the year were included in the calculation of diluted earnings per share. For the year ended

December

31,

2015,

all outstanding restricted stock units and warrants were excluded from the computation of diluted loss per share, as our reported net losses for that period would cause their conversion and exercise to have no effect on the calculation of loss per share.