Note 13 - Loss Per Common Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 13: Loss per Common Share

We are authorized to issue 750,000,000 shares of common stock, $0.25 par value per share. At December 31, 2019, there were 529,182,994 shares of our common stock issued and 6,287,271 shares issued and held in treasury, for a net of 522,895,723 shares outstanding.

We calculate basic loss per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted loss 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 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, 2019, 2018 and 2017.

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

	Year ended December 31,
	2019			2018			2017
Numerator
Net income (loss)	$	(99,557	)	$	(26,563	)	$	(28,520	)
Preferred stock dividends		(552	)		(552	)		(552	)
Net income (loss) applicable to common shares	$	(100,109	)	$	(27,115	)	$	(29,072	)
Denominator
Basic weighted average common shares		490,449			433,419			397,394
Dilutive stock options, restricted stock units, and warrants		—			—			—
Diluted weighted average common shares		490,449			433,419			397,394
Basic earnings (loss) per common share	$	(0.20	)	$	(0.06	)	$	(0.07	)
Diluted earnings (loss) per common share	$	(0.20	)	$	(0.06	)	$	(0.07	)

There were no options outstanding for the years ended December 31, 2019, 2018 and 2017, and no warrants outstanding for the year ended December 31, 2017. For the years ended December 31, 2019, 2018 and 2017, all outstanding restricted stock units, warrants and deferred shares 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.