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Note 2 - Earnings Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 2—EARNINGS PER SHARE

Earnings (loss) per Common Share

Earnings (loss) per common share is computed using the two-class method related to its Series A Redeemable Convertible Preferred Stock, par value of $0.0001 (“Preferred Stock”). Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of the Preferred Stock based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock.

Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards and shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.

For the nine months ended September 30, 2024 and 2023, the Company incurred net losses available to stockholders, therefore basic and diluted net loss per share are the same in each respective period. For the nine months ended September 30, 2024, 0.8 million unvested restricted shares, 2.4 million shares issuable upon exercise of options and 8.3 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. For the nine months ended September 30, 2023, 0.8 million unvested restricted shares, 1.3 million shares issuable upon exercise of options and 7.8 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. For the three months ended September 30, 2023, 7.8 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive.

Loss per share was calculated as follows:

		*For the three months ended September 30,*								*For the nine months ended September 30,*
		*2024*				*2023*				*2024*				*2023*
		(unaudited)								(unaudited)
(In thousands, except share and per share data)
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.		$	22,515			$	5,638			$	(6,130	)		$	(18,205	)
Series A redeemable convertible preferred stock dividend			1,168				1,098				3,455				3,255
Undistributed income (loss) available to stockholders		$	21,347			$	4,540			$	(9,585	)		$	(21,460	)

Weighted average shares outstanding:
Total weighted average shares outstanding, basic			54,097,365				53,309,336				53,662,237				53,227,642
Dilutive potential common shares			163,798				91,365				-				-
Dilutive potential options			129,796				1,098				-				-
Dilutive potential redeemable convertible preferred shares			8,200,206				-				-				-
Total weighted average shares outstanding, diluted			62,591,165				53,401,799				53,662,237				53,227,642

Undistributed income (loss) per share available to stockholders:
Basic		$	0.39			$	0.08			$	(0.18	)		$	(0.40	)
Diluted		$	0.36			$	0.08			$	(0.18	)		$	(0.40	)