XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Net Income Per Share of Common Stock
9 Months Ended
Sep. 30, 2020
Net Income Per Share of Common Stock [Abstract]  
Net Income Per Share of Common Stock
Note L – Net (Loss)/Income Per Share of Common Stock

Basic net (loss)/income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,468,000 shares for the period ended September 30, 2020, compared to 5,401,000 shares for the period ended September 30, 2019. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. The three and nine months ended September 30, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For the three and nine months ended September 30, 2020, options to purchase approximately 0 and 100,000 shares of common stock, respectively, have been excluded from the calculation of diluted net (loss) per share as compared to approximately 53,000 and 54,000 shares that were excluded from the calculation of diluted net income per share for the three and nine months ended September 30, 2019, as the result would have been anti-dilutive. For the three and nine months ended September 30, 2020, 2,480,000 and 2,493,000 restricted shares, respectively, were excluded from the calculation of diluted net (loss) per share, as the result would have been anti-dilutive. At September 30, 2019 all unvested restricted stock awards were dilutive.