Loss Per Common Share

3 Months Ended

Mar. 31, 2023

Loss Per Common Share

Loss Per Common Share

(7)Loss Per Common Share

Basic income (loss) per common share is computed by dividing the net income (loss), less any dividends, accretion or reduction or redemption on our Series C Preferred Stock, by the weighted average number of shares of common stock outstanding during the period. Restricted stock awards and restricted stock units (collectively, “nonvested shares”) are not considered to be outstanding shares until the service or performance vesting period has been completed.

For purposes of calculating diluted earnings per common share, the denominator normally includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Because a loss was incurred in each of the quarters ended March 31, 2023 and 2022, common stock equivalents would be anti-dilutive and, accordingly, were excluded from the calculation of diluted loss per share in each of the periods. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan. During each of the three -month periods ended March 31, 2023 and 2022, there were no common stock equivalents. Loss per common share information is as follows (in thousands, except per share amounts) for the three months ended March 31, 2023 and 2022:

	Three months ended
	March 31,
	2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	197	$	(291)
Dividends on Series C preferred stock		(531)		(531)
Net loss available to common shareholders	$	(334)	$	(822)
Weighted-average common shares outstanding		74,215		74,215
Basic and diluted loss per share	$	(0.00)	$	(0.01)

There were no outstanding options at March 31, 2023 or 2022.