Note 10 - Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Net Income (Loss) per Common Share                  

The Company considers its unexercised warrants and unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect. For the three and six month periods ended June 30, 2020 and 2019, we excluded a nominal amount of unvested stock awards from our calculation of diluted weighted average shares because they were antidilutive.

The following table presents computations of basic and diluted earnings per share under the two class method:

	Three Month Period Ended					Six Month Period Ended
	June 30,					June 30,
(In thousands, except per share and share data)	2020			2019		2020		2019
Numerator:
Net income attributable to common stockholders
Basic	$	(16,380	)	$	3,425	$	5,093	$	(14,909	)
Diluted	$	(16,380	)	$	545	$	350	$	(14,909	)
Denominator:
Basic weighted average shares outstanding		23,292,635			18,819,459		22,151,726		18,734,401
Diluted weighted average shares outstanding		23,292,635			24,539,299		27,013,580		18,734,401
Basic earnings per share	$	(0.70	)	$	0.18	$	0.23	$	(0.80	)
Diluted earnings per share	$	(0.70	)	$	0.02	$	0.01	$	(0.80	)