Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 16 - Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or otherwise result in the issuance of common stock that shared in the earnings of the entity. Diluted EPS also utilizes the treasury stock method which prescribes a theoretical buy back of shares from the theoretical proceeds of all options outstanding during the period, and the if-converted method for convertible debt.

The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands):

	For the three months ended					For the nine months ended
	September 30, 2022		September 30, 2021			September 30, 2022		September 30, 2021
Net income - basic	$	968	$	(3,978	)	$	20,907	$	(4,136	)
Interest on unsecured convertible promissory note		201		-			635		-
Net income - diluted	$	1,169	$	(3,978	)	$	21,542	$	(4,136	)
Weighted average shares outstanding - basic		15,898		15,439			15,712		15,055
Diluted shares- Stock Options		2,453		-			1,925		-
Diluted shares- Stock Warrants		1,097		-			1,067		-
Unsecured convertible promissory note		800		-			800		-
Weighted average shares outstanding - diluted		20,248		15,439			19,504		15,055

The following table represents the number of securities excluded from the income per share computation as a result of their anti-dilutive effect (in thousands):

	For the three months ended				For the nine months ended
Anti-dilutive securities	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Common stock purchase warrants		455		455		455		299
Stock Options		370		730		610		730
Unsecured convertible promissory note		-		1,000		-		1,000
Anti-dilutive securities		825		2,185		1,065		2,029