XML 32 R21.htm IDEA: XBRL DOCUMENT

COMMON STOCK AND EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 13. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes (hereinafter defined) on an if-converted basis.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


		Three Months Ended						Six Months Ended
		June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS		$	(688)		$	605		$	3,967		$	(6,583)
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾			—			—			—			—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS		$	(688)		$	605		$	3,967		$	(6,583)

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic			22,787,252			22,482,957			22,669,246			22,593,280
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method			40,896			—			5,550			—
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾			—			—			—			—
Weighted Average Shares Outstanding, Diluted			22,828,148			22,482,957			22,674,796			22,593,280

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted		$	(0.03)		$	0.03		$	0.17		$	(0.29)

⁽¹⁾

As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the three and six months ended June 30, 2024 and 2023, a total of $0.5 million and $1.1 million of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income (loss) attributable to common stockholders for the respective periods.

⁽²⁾

A total of 3.6 million shares representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income per share attributable to common stockholders for the three and six months ended June 30, 2024, because they were antidilutive to net income (loss) attributable to common stockholders for the respective periods. A total of 3.3 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income (loss) attributable to common stockholders for each of the three and six month periods ended June 30, 2023, because they were antidilutive to net income (loss) attributable to common stockholders for the respective periods.

There were 40,896 and 5,550 potentially dilutive shares related to the Company’s restricted stock for the three and six months ended June 30, 2024. There were no potentially dilutive securities for the three and six months ended June 30, 2023 related to the Company’s stock options and restricted stock. The effect of 33,582 dilutive restricted stock units were not included for the six months ended June 30, 2023, as the effect would be anti-dilutive.