Note 17 - Net (Loss) Income Per Common Share

9 Months Ended

Sep. 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						Nine Months Ended
	September 30,						September 30,
(In thousands, except share and earnings per share data)	2022			2021			2022			2021
Basic earnings (loss) per common share
Numerator:
Net (loss) income	$	(9,957	)	$	79		$	(89,577	)	$	6,837
Amount attributable to unvested restricted shares		-			(2	)		-			(212	)
Amount attributable to warrants outstanding		-			-			-			(4	)
Net (loss) income allocated to common shareholders		(9,957	)		77			(89,577	)		6,621
Denominator:
Weighted-average common shares issued and outstanding		42,647,967			40,911,801			42,376,392			37,435,224
Basic (loss) earnings per common share	$	(0.23	)	$	0.00		$	(2.11	)	$	0.18
Diluted earnings (loss) per common share
Numerator:
Net (loss) income	$	(9,957	)	$	79		$	(89,577	)	$	6,837
Amount attributable to unvested restricted shares		-			(2	)		-			(205	)
Amount attributable to warrants		-			-			-			(4	)
Diluted (loss) earnings per common share		(9,957	)		77			(89,577	)		6,628
Denominator:
Weighted-average common shares issued and outstanding		42,647,967			40,911,801			42,376,392			37,435,224
Dilutive potential common shares from:
Stock options		-			1,069,207			-			1,330,207
Restricted shares		-			1,315,462			-			1,195,154
Warrants		-			-			-			24,338
Diluted weighted average shares issued and outstanding		42,647,967			43,296,470			42,376,392			39,984,923
Diluted (loss) earnings per common share	$	(0.23	)	$	0.00		$	(2.11	)	$	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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Stock options and restricted stock awards		2,022,405		-		2,678,601		-
Total		2,022,405		-		2,678,601		-