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Note 10 - Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2021

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 for the two classes of stock (common stock and warrants) is calculated by dividing net income by the weighted average number of shares of common stock and warrants outstanding during the reporting 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.

The following table presents computations of basic and diluted earnings per share under the two-class method:

		Three Months Ended
		March 31,
(In thousands, except share and earnings per share data)		2021				2020
Basic earnings (loss) per common share
Numerator:
Net income (loss)		$	(1,118	)		$	22,308
Amount attributable to unvested restricted shares			-				(484	)
Amount attributable to warrants outstanding			-				(3,460	)
Net income (loss) allocated to common shareholders			(1,118	)			18,364
Denominator:
Weighted-average common shares issued and outstanding			33,236,818				21,010,817
Basic earnings (loss) per common share			(0.03	)			0.87
Diluted earnings (loss) per common share
Numerator:
Net income (loss)			(1,118	)			22,308
Amount attributable to warrants			-				(569	)
Less: gain related to change in fair value of warrants			-				(21,913	)
Diluted loss allocated to common shareholders			(1,118	)			(174	)
Denominator:
Weighted-average common shares issued and outstanding			33,236,818				21,010,817
Diluted loss per common share		$	(0.03	)		$	(0.01	)

The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

		Three Months Ended
		March 31,
		2021				2020
Stock options and restricted stock awards			2,134,884				2,564,456
Warrants			73,827				2,956,039
Total			2,208,711				5,520,495

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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