Note 18 - Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

18. Earnings per Share (“EPS”)

Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested RSAs, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, TSRs, RSAs, PSUs and RSUs using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings per share:

	Years Ended December 31,
	2020		2019		2018
Shares used in the calculation of basic earnings per share		14,222,163		14,120,584		14,441,536
Effect of dilutive securities:
Stock options, SARs, RSAs and RSUs		-		253,199		247,505
Diluted shares used in the calculation of earnings per share		14,222,163		14,373,783		14,689,041

In 2020, the Company is in a loss position therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options to purchase 0.5 million shares, and 0.7 million shares for the years ended December 31, 2019 and 2018, respectively, were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. The anti-dilutive restricted shares for the years 2019 and 2018 were insignificant.

At December 31, 2020 there were no outstanding unvested RSAs. At December 31, 2019, and 2018 a total of 13,000 and 42,000 shares of unvested RSAs were excluded from the basic earnings per share.