Note 2 - (Loss) Income Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2. (Loss) Income Per Share

Basic (loss) income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted (loss) income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 274,000 shares and 257,000 shares issuable upon conversion of unvested restricted shares for the three and six months ended June 30, 2020, respectively. Such shares were not included in the computation of the diluted loss per share for the same periods as the inclusion would have been anti-dilutive due to the net loss. There were no outstanding stock options at June 30, 2020 or June 30, 2019. Income per share is the same for both Class A and Class B shares.

The following table sets forth, for the periods indicated, the calculation of net (loss) income per share included in the condensed consolidated statements of operations:

(in thousands except per share data)	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020			2019		2020			2019
Numerators:
(Loss) income from continuing operations	$	(23,168	)	$	5,245	$	(26,252	)	$	9,003
Income from discontinued operations		825			826		1,696			1,501
Net (loss) income	$	(22,343	)	$	6,071	$	(24,556	)	$	10,504
Denominator:
Denominator for basic (loss) income per share – weighted-average shares		17,089			18,438		17,584			18,410
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		-			168		-			160
Denominator for diluted (loss) income per share adjusted weighted-average shares and assumed conversions		17,089			18,606		17,584			18,570
Net (loss) income per share:
(Loss) income from continuing operations	$	(1.36	)	$	0.28	$	(1.49	)	$	0.49
Income from discontinued operations		0.05			0.04		0.10			0.08
Net (loss) income (1)	$	(1.31	)	$	0.33	$	(1.40	)	$	0.57

⁽¹⁾ Sum of the individual amounts may not add due to rounding.