Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share

The Company calculates earnings per share (“EPS”) as required by FASB ASC Topic No. 260, Earnings Per Share. Basic EPS is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, common stock subject to repurchase by the Company, options, and warrants are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
	(unaudited, in thousands, except per share amounts)						(unaudited, in thousands, except per share amounts)
Numerator:
Net income (loss)	$	3,436		$	(2,177	)	$	3,484		$	(4,558	)
Dividends paid to preferred stockholders		(34	)		(185	)		(67	)		(326	)
Net income (loss) available to common stockholders	$	3,402		$	(2,362	)	$	3,417		$	(4,884	)
Denominator:
Weighted average shares outstanding –    basic		32,068			21,888			31,685			18,612
Potential common shares – options /    warrants (treasury stock method)		3,240			—			1,680			—
Weighted average shares outstanding –    diluted		35,308			21,888			33,365			18,612
Shares excluded (anti-dilutive)		—			—			—			—
Shares excluded due to an exercise price    greater than weighted average stock    price for the period		125			7,100			125			3,930
Net earnings (loss) per common share:
Basic	$	0.11		$	(0.11	)	$	0.11		$	(0.26	)
Diluted	$	0.10		$	(0.11	)	$	0.10		$	(0.26	)