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Note 2 - Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

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 approximately 257,000 and 194,000 shares issuable upon conversion of unvested restricted shares for the three or six months ended June 30, 2021, respectively. Unvested restricted shares were not included in the computation of diluted (loss) income per share for the same prior period as the inclusion would have been anti-dilutive due to the net loss. There were approximately 1,171,000 and no outstanding stock options at June 30, 2021 and June 30, 2020, respectively. 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								Six Months Ended
		June 30,								June 30,
		2021				2020				2021				2020
Numerators:
Income (loss) from continuing operations		$	15,436			$	(23,168	)		$	24,019			$	(26,252	)
(Loss) income from discontinued operations			(19	)			825				2,540				1,696
Net income (loss)		$	15,417			$	(22,343	)		$	26,559			$	(24,556	)
Denominator:
Denominator for basic income (loss) per share – weighted-average shares			16,765				17,089				16,858				17,584
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			257				-				194				-
Equivalent shares issuable upon conversion of unvested employee stock options			-				-				-				-
Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions			17,022				17,089				17,052				17,584

Basic income (loss) per share:
Income (loss) from continuing operations		$	0.92			$	(1.36	)		$	1.42			$	(1.49	)
Income from discontinued operations			-				0.05				0.15				0.10
Net income (loss) ⁽¹⁾		$	0.92			$	(1.31	)		$	1.58			$	(1.40	)
Diluted income (loss) per share:
Income (loss) from continuing operations		$	0.91			$	(1.36	)		$	1.41			$	(1.49	)
Income from discontinued operations			-				0.05				0.15				0.10
Net income (loss) ⁽¹⁾		$	0.91			$	(1.31	)		$	1.56			$	(1.40	)

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