Note 7 - Earnings Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

7.

     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

three

months ended

March 31, 2021,

basic earnings per share has been adjusted to include dilutive options and RSU's.  For the

three

months ended

March 31, 2020,

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

months ended

March 31, 2021

and

2020

.

	Three Months Ended
	March 31,
	2021		2020
Basic weighted-average shares		27,510,000		24,597,000
Conversion of unsecured loan notes		—		—
Unexercised options and unvested RSUs		227,000		—
Diluted weighted-average shares		27,737,000		24,597,000