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Note 12 - Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Earnings Per Share [Text Block] | NOTE 12: EARNINGS PER SHARE Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share computations include any dilutive effect of potential common shares. In periods with a net loss available to common shareholders, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share. A reconciliation of the amounts used to calculate basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 follows:
|  | Three Months Ended |
|  | March 31, |
(in millions) |  | 2023 |  |  | 2022 |
Net earnings (loss) |  | $ | 33 |  |  | $ | (3 | )
Less: Series B Preferred stock cash dividends |  |  | (1 | ) |  |  | (1 | )
Less: Series C Preferred stock in-kind dividends |  |  | (1 | ) |  |  | (1 | )
Less: Preferred stock deemed dividends |  |  | (1 | ) |  |  | (1 | )
Less: Earnings attributable to Series C Preferred shareholders |  |  | (4 | ) |  |  | — |
Net earnings (loss) available to common shareholders - basic |  | $ | 26 |  |  | $ | (6 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Series B preferred stock cash and deemed dividends |  | $ | 1 |  |  | $ | — |
Add back: 2021 Convertible Notes interest expense |  |  | 1 |  |  |  | — |
Net earnings (loss) available to common shareholders - diluted |  | $ | 28 |  |  | $ | (6 | )
|  | Three Months Ended |
|  | March 31, |
(in millions of shares) |  | 2023 |  |  | 2022 |
Weighted average shares — basic |  |  | 79.1 |  |  |  | 78.7 |
Effect of dilutive securities |  |  |  |  |  |  |  |
Employee stock options |  |  | 0.4 |  |  |  | — |
Unvested restricted stock units |  |  | 0.7 |  |  |  | — |
Series B Preferred Stock |  |  | 9.5 |  |  |  | — |
2021 Convertible Notes |  |  | 2.5 |  |  |  | — |
Weighted average shares — diluted |  |  | 92.2 |  |  |  | 78.7 |
The computation of diluted earnings per share for the three months ended March 31, 2023 excluded the impact of (1) the assumed conversion of 1.1 million shares of Series C Preferred Stock, (2) the assumed vesting of 0.1 million unvested restricted stock units and (3) the assumed exercise of 4.3 million outstanding employee stock options because the effects would have been anti-dilutive. As a result of the net loss available to common shareholders for the three months ended March 31, 2022, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak reported income available to common shareholders for the three months ended March 31, 2022, the calculation of diluted earnings per share would have included the assumed vesting of 0.5 million unvested restricted stock units and the assumed exercise of 0.9 million outstanding stock options. The computation of diluted earnings per share for the three months ended March 31, 2022 excluded the impact of (1) the assumed conversion of $25 million of Convertible Notes issued in 2021, (2) the assumed conversion of 1.0 million shares of Series B Preferred Stock, (3) the assumed conversion of 1.0 million shares of Series C Preferred Stock, (4) the assumed exercise of 3.8 million outstanding employee stock options and (5) the assumed vesting of 0.4 million unvested restricted stock units because the effects would have been anti-dilutive.

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