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Note 2 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2.

Income (Loss) Per Share

Basic income (loss) per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income (loss) per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were 133,000 and 261,000 shares issuable upon conversion of unvested restricted shares for the three months ended September 30, 2020 and September 30, 2019, respectively, and approximately 216,000 shares and 194,000 shares issuable upon conversion of unvested restricted shares for the nine months ended September 30, 2020 and September 30, 2019, respectively. Of such shares, 261,000 shares and 216,000 shares for the three months ended September 30, 2019 and the nine months ended September 30, 2020, respectively, were not included in the computation of the diluted loss per share for the same periods as the inclusion would have been anti-dilutive due to the net loss. There were no outstanding stock options at September 30, 2020 or September 30, 2019. Income per share is the same for both Class A and Class B shares.

The following table sets forth, for the periods indicated, the calculation of net income (loss) per share included in the condensed consolidated statements of operations:

(in thousands except per share data)		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2020				2019				2020				2019
Numerators:
Income (loss) from continuing operations		$	4,713			$	(4,042	)		$	(21,540	)		$	4,961
Income from discontinued operations			2,788				853				4,485				2,354
Net income (loss)		$	7,501			$	(3,189	)		$	(17,055	)		$	7,315
Denominator:
Denominator for basic income (loss) per share – weighted-average shares			17,134				18,458				17,435				18,426
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			133				-				-				194
Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions			17,267				18,458				17,435				18,620

Basic income (loss) per share:
Income (loss) from continuing operations		$	0.28			$	(0.22	)		$	(1.24	)		$	0.27
Income from discontinued operations			0.16				0.05				0.26				0.13
Net income (loss)⁽¹⁾		$	0.44			$	(0.17	)		$	(0.98	)		$	0.40
Diluted income (loss) per share:
Income (loss) from continuing operations		$	0.27			$	(0.22	)		$	(1.24	)		$	0.27
Income from discontinued operations			0.16				0.05				0.26				0.13
Net income (loss)⁽¹⁾		$	0.43			$	(0.17	)		$	(0.98	)		$	0.39

⁽¹⁾Sum of the individual amounts may not add due to rounding.