Note 11 - Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

11. Net (loss) income 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 for the two classes of stock (common stock and warrants) is calculated by dividing net loss by the weighted average number of shares of common stock and warrants outstanding during the reporting 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.

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

	Three Months Ended
	March 31,
(In thousands, except share and earnings per share data)	2022			2021
Numerator:
Net loss	$	(7,066	)	$	(1,118	)
Less: Preferred stock dividends and accumulated deficit impact of preferred stock redemption		-			-
Basic net loss attributable to common stockholders		(7,066	)		(1,118	)
Denominator:
Basic and diluted weighted averge shares outstanding		42,014,055			33,236,818
Basic and diluted earnings per share attributable to common stockholders	$	(0.17	)	$	(0.03	)

The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: 

	Three Months Ended March 31,
	2022		2021
Stock options and restricted stock awards		2,094,863		2,134,884
Warrants		-		73,827
Total		2,094,863		2,208,711