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Note 10 - Per Share Data

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Per Share Data

The Company computes, presents and discloses earnings per share in accordance with the authoritative guidance, which specifies the computation, presentation and disclosure requirements for earnings per share of entities with publicly held common stock or potential common stock. The objective of basic EPS is to measure the performance of an entity over the reporting period by dividing income (loss) by the weighted average shares outstanding. The objective of diluted EPS is consistent with that of basic EPS, except that it also gives effect to all potentially dilutive common shares outstanding during the period.

The following is a reconciliation of the basic and diluted loss per share computation:

		*Three Months Ended June 30,*								*Six Months Ended June 30,*
		*2020*				*2019*				*2020*				*2019*
Net income/(loss) for basic earnings per share		$	20,890,158			$	(3,162,492	)		$	11,992,629			$	(1,532,715	)
Less: Change in fair value of warrants			—				656,523				—				3,792,788
Net income/(loss), adjusted for change in fair value of warrants for diluted earnings per share		$	20,890,158			$	(3,819,015	)		$	11,992,629			$	(5,325,503	)
Weighted-average shares			80,340,695				80,986,524				80,790,400				80,950,124
Effect of potential common shares			176,168				1,128,137				169,412				1,179,477
Weighted-average shares: diluted			80,516,863				82,114,661				80,959,812				82,129,601
Income/(loss) per share: basic		$	0.26			$	(0.04	)		$	0.15			$	(0.02	)
Income/(loss) per share: diluted		$	0.26			$	(0.05	)		$	0.15			$	(0.06	)

For the three and six months ended June 30, 2020, diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock and unreleased restricted stock units. The dilutive effect of options is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the average amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible, are collectively assumed to be used to repurchase shares. Warrants were presumed to be cash-settled and therefore excluded from the diluted earnings per share calculations for the three and six months ended June 30, 2020 because the net effect of their inclusion, including the elimination of the impact in the operating results of the change in fair value of the warrants, would have been anti-dilutive. For the three and six months ended June 30, 2020, the weighted average number of shares under the warrant excluded from the calculation of diluted earnings per share were 1,140,713 and 1,108,753, respectively.

For the three and six months ended June 30, 2019, the Company incurred losses and as a result, the equity instruments listed below were excluded from the calculation of diluted earnings (loss) per share as the effect of the exercise, conversion or vesting of such instruments would have been anti-dilutive. The weighted average number of equity instruments excluded consists of:

		*Three Months Ended June 30,*				*Six Months Ended June 30,*
		*2019*				*2019*
Stock options			352,015				364,444
Stock-settled stock appreciation rights			—				3,359
Restricted stock units			527,082				518,295

The appreciation of each stock-settled stock appreciation right was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflected the weighted average maximum number of shares that could be issued.