Note 14 - Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

14. 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 restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based awards 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 (in thousands):

	Three Month Period Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Shares used in the calculation of basic earnings per share		14,555		14,393		14,511		14,368
Effect of dilutive securities:
Share-based payment awards		-		234		-		215
Diluted shares used in the calculation of earnings per share		14,555		14,627		14,511		14,583

The Company had a net loss during the three and six-months ended June 30, 2022, and therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options of 1.1 million shares were outstanding for the six-month period ended June 30, 2021, respectively, and were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.