Note 7 - Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings per Share

Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), and the

nil

coupon non-redeemable convertible unsecured loan notes. Diluted earnings per share includes the dilutive effect of the

nil

coupon non-redeemable convertible unsecured loan notes, RSUs, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is anti-dilutive. Out-of-money stock options are excluded from diluted earnings per share because they are anti-dilutive. For the

nine

months ended

September

30,

2020

and

2019,

basic earnings per share is equal to diluted earnings per share because all outstanding stock awards and convertible loan notes are considered anti-dilutive during periods of net loss. The following table sets forth the weighted-average shares used in calculating the earnings per share for the

three

and

nine

months ended

September

30,

2020

and

2019.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic weighted-average shares		24,701,000		24,187,000		24,656,000		24,183,000
Conversion of unsecured loan notes		—		—		—		—
Unexercised options and unvested RSUs		419,000		—		—		—
Diluted weighted-average shares		25,120,000		24,187,000		24,656,000		24,183,000

For the

three

month period ended

September 30, 2020,

there were

110,000

outstanding equity awards that were excluded from the computation of diluted EPS as the inclusion of such would have been anti-dilutive.