Note 17 - Net (Loss) Income Per Common Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

17. 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						Six Months Ended
	June 30,						June 30,
(In thousands, except share and earnings per share data)	2022			2021			2022			2021
Basic earnings (loss) per common share Numerator:
Net (loss) income	$	(72,554	)	$	7,876		$	(79,620	)	$	6,758
Amount attributable to unvested restricted shares		-			-			-			(7	)
Amount attributable to warrants outstanding		-			(215	)		-			(208	)
Net (loss) income allocated to common shareholders		(72,554	)		7,661			(79,620	)		6,543
Denominator:
Weighted-average common shares issued and outstanding		42,460,189			38,072,712			42,238,355			35,668,124
Basic (loss) earnings per common share	$	(1.71	)	$	0.20		$	(1.89	)	$	0.18
Diluted earnings (loss) per common share Numerator:
Net (loss) income	$	(72,554	)	$	7,876		$	(79,620	)	$	6,758
Amount attributable to unvested restricted shares		-			(208	)		-			(200	)
Amount attributable to warrants		-			-			-			(7	)
Less: gain related to change in fair value of warrants		-			-			-			-
Diluted (loss) earnings per common share		(72,554	)		7,668			(79,620	)		6,551
Denominator:
Weighted-average common shares issued and outstanding		42,460,189			38,072,712			42,238,355			35,668,124
Dilutive potential common shares from:
Stock options		-			1,249,810			-			1,436,767
Restricted shares		-			1,067,576			-			1,134,003
Warrants		-			-			-			36,709
Diluted weighted average shares issued and outstanding		42,460,189			40,390,098			42,238,355			38,275,603
Diluted (loss) earnings per common share	$	(1.71	)	$	0.19		$	(1.89	)	$	0.17

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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Stock options and restricted stock awards		1,942,812		-		2,767,841		-
Total		1,942,812		-		2,767,841		-