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Note 2 - Income (Loss) Per Share | 9 Months Ended
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Sep. 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 193,000 and 209,000 shares issuable upon conversion of unvested restricted shares for the three or nine months ended September 30, 2021, respectively. There were approximately 133,000 shares issuable upon conversion of unvested restricted shares for the three months ended September 30, 2020. Unvested restricted shares were not included in the computation of diluted (loss) income per share for the nine months ended September 30, 2020 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 September 30, 2021 and September 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 16,442 |  |  | $ | 4,713 |  |  | $ | 40,459 |  |  | $ | (21,540 | )
Income from discontinued operations |  |  | - |  |  |  | 2,788 |  |  |  | 2,540 |  |  |  | 4,485 |
Net income (loss) |  | $ | 16,442 |  |  | $ | 7,501 |  |  | $ | 42,999 |  |  | $ | (17,055 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic income (loss) per share – weighted-average shares |  |  | 16,782 |  |  |  | 17,134 |  |  |  | 16,832 |  |  |  | 17,435 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equivalent shares issuable upon conversion of unvested restricted shares |  |  | 193 |  |  |  | 133 |  |  |  | 209 |  |  |  | - |
Equivalent shares issuable upon conversion of unvested employee stock options |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions |  |  | 16,975 |  |  |  | 17,267 |  |  |  | 17,041 |  |  |  | 17,435 |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.98 |  |  | $ | 0.28 |  |  | $ | 2.40 |  |  | $ | (1.24 | )
Income from discontinued operations |  |  | - |  |  |  | 0.16 |  |  |  | 0.15 |  |  |  | 0.26 |
Net income (loss) (1) |  | $ | 0.98 |  |  | $ | 0.44 |  |  | $ | 2.55 |  |  | $ | (0.98 | )
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.97 |  |  | $ | 0.27 |  |  | $ | 2.37 |  |  | $ | (1.24 | )
Income from discontinued operations |  |  | - |  |  |  | 0.16 |  |  |  | 0.15 |  |  |  | 0.26 |
Net income (loss) (1) |  | $ | 0.97 |  |  | $ | 0.43 |  |  | $ | 2.52 |  |  | $ | (0.98 | )
(1) Sum of the individual amounts may not add due to rounding.

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