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Note 9 - Per Share Data

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

9. 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 September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Net income/(loss) for basic earnings per share		$	33,040,588			$	(3,113,358	)		$	34,716,600			$	(3,756,262	)
Less: Change in fair value of warrants			—				—				400,663				294,548
Net income/(loss), adjusted for change in fair value of warrants for diluted earnings per share		$	33,040,588			$	(3,113,358	)		$	34,315,937			$	(4,050,810	)
Weighted-average shares			73,024,147				74,840,846				72,924,178				75,822,713
Effect of potential common shares			235,125				—				692,659				812,250
Weighted-average shares: diluted			73,259,272				74,840,846				73,616,837				76,634,963
Income/(loss) per share: basic		$	0.45			$	(0.04	)		$	0.48			$	(0.05	)
Income/(loss) per share: diluted		$	0.45			$	(0.04	)		$	0.47			$	(0.05	)

For the nine months ended September 30, 2022, the diluted earnings per share calculation reflects the effect of the exercise of outstanding warrants and any corresponding elimination of the impact included in operating results from the change in fair value of the warrants. Weighted-average diluted shares include the dilutive effect of in-the-money options, stock-settled RSUs and warrants. The dilutive effect of warrants, stock-settled RSUs and 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. Cash-settled RSUs were presumed to be cash-settled and therefore excluded from the diluted earnings per share calculations for the three and nine months ended September 30, 2022 because the net effect of their inclusion, including the elimination of the impact in the operating results of the change in fair value of these RSUs, would have been anti-dilutive. For the three and nine months ended September 30, 2022, the weighted average number of shares under the cash-settled RSUs excluded from the calculation of diluted earnings per share were 32,180 and 12,901, respectively.

For the three and nine months ended September 30, 2021, 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 September 30,*				*Nine Months Ended September 30,*
		*2021*				*2021*
Warrants			1,047,296				—
Stock options			150,000				153,055
Restricted stock units			204,591				181,730