Note 6 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:

	Year Ended December 31,
	2022			2021			2020
	(in thousands)
Net income (loss) (numerator):
Income (loss) from continuing operations	$	51,962		$	81,934		$	(48,083	)
Income from continuing operations attributable to unvested shares		(594	)		(1,336	)		—
Numerator for basic		51,368			80,598			(48,083	)
Loss from continuing operations attributable to unvested shares		3			—			—
Numerator for dilutive	$	51,371		$	80,598		$	(48,083	)
Loss from discontinued operations, net of tax	$	(72	)	$	(98	)	$	(98	)
Loss from discontinued operations attributable to unvested shares		1			2			—
Numerator for basic		(71	)		(96	)		(98	)
(Income) loss from discontinued operations attributable to unvested shares		—			—			—
Numerator for dilutive	$	(71	)	$	(96	)	$	(98	)
Net income (loss)	$	51,890		$	81,836		$	(48,181	)
Net income attributable to unvested shares		(593	)		(1,334	)		—
Numerator for basic		51,297			80,502			(48,181	)
Net (income) loss attributable to unvested shares		3			—			—
Numerator for dilutive	$	51,300		$	80,502		$	(48,181	)
Weighted average shares (denominator):
Basic weighted average shares outstanding		69,568			58,230			57,594
Effect of dilutive securities		414			525			—
Diluted weighted average shares outstanding		69,982			58,755			57,594
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive		189			169			3,545