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Note 10 - Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

10.

Net Income (Loss) per Common Share

The Company considers its unexercised warrants and unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect. For the three months ended September 30, 2020, we excluded 1.9 million common stock options, 63,000 warrants and 286,000 unvested stock awards from our calculation of diluted weighted average shares because they were antidilutive. For the nine months ended September 30, 2019, we excluded 2.5 million common stock options, 3.0 million warrants and 146,000 unvested stock awards from our calculation of diluted weighted average shares because they were antidilutive.

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
(In thousands, except per share and share data)
Basic earnings (loss) per common share
Numerator:
Net income (loss)		$	(1,133	)		$	10,269			$	4,795			$	(4,640	)
Amount attributable to unvested restricted shares			—				(207	)			(138	)			—
Amount attributable to warrants outstanding			—				(1,682	)			(335	)			—
Net income (loss) allocated to common shareholders			(1,133	)			8,380				4,322				(4,640	)
Denominator:
Weighted-average common shares issued and outstanding			31,639,420				19,735,364				25,418,375				19,071,722
Basic earnings (loss) per common share			(0.04	)			0.42				0.17				(0.24	)

Diluted earnings (loss) per common share
Numerator:
Net income (loss)			(1,133	)			10,269				4,795				(4,640	)
Amount attributable to non-participating warrants			—				(279	)			(49	)			—
Less: gain related to change in fair value of warrants			—				(1,128	)			(4,467	)			—
Diluted net income (loss) allocated to common shareholders			(1,133	)			8,862				279				(4,640	)
Denominator:
Weighted-average common shares issued and outstanding			31,639,420				19,735,364				25,418,375				19,071,722
Dilutive potential common shares:
Stock options			—				2,420,884				1,754,051				—
Restricted stock awards			—				140,501				285,975				—
Warrants			—				3,046,363				1,954,137				—
Diluted weighted-average shares issued and outstanding			31,639,420				25,343,112				29,412,538				19,071,722
Diluted earnings (loss) per common share			(0.04	)			0.35				0.01				(0.24	)