XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.23.1

Note 15 - Earnings (Loss) per Share | 3 Months Ended
--- | ---
Mar. 31, 2023
Notes to Financial Statements |
Earnings Per Share [Text Block] | NOTE 15 EARNINGS (LOSS) PER SHARE The following table sets forth the reconciliation of numerators and denominators for the basic and diluted earnings (loss) per share computation for the three months ended March 31, 2023 and March 31, 2022:
(in thousands, except per share data) |  | Three months ended March 31, |
|  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 27,732 |  |  | $ | (3,999 | )
Plus: net loss from continuing operations attributable to noncontrolling interests |  |  | 3 |  |  |  | 73 |
Less: dividends on preferred stock |  |  | (69 | ) |  |  | (78 | )
Numerator used in calculating basic earnings (loss) per share from continuing operations attributable to common shareholders |  | $ | 27,666 |  |  | $ | (4,004 | )
Adjustment to add-back dividends on preferred stock |  |  | 69 |  |  |  | — |
Adjustment for proportionate interest in Ravix and SNS's earnings attributable to common stock |  |  | (50 | ) |  |  | — |
Numerator used in calculating diluted earnings (loss) per share from continuing operations attributable to common shareholders |  | $ | 27,685 |  |  | $ | (4,004 | )
Income from discontinued operations |  |  | 107 |  |  |  | 1,495 |
Less: net income from discontinued operations attributable to noncontrolling interests |  |  | — |  |  |  | (222 | )
Numerator used in calculating diluted earnings (loss) per share - net income (loss) attributable to common shareholders |  | $ | 27,792 |  |  | $ | (2,731 | )
Denominator: |  |  |  |  |  |  |  |
Weighted average basic shares |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 24,061 |  |  |  | 22,883 |
Weighted average diluted shares |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 24,061 |  |  |  | 22,883 |
Effect of potentially dilutive securities (a) |  |  |  |  |  |  |  |
Unvested restricted stock awards |  |  | 789 |  |  |  | — |
Warrants |  |  | 1,382 |  |  |  | — |
Convertible preferred stock |  |  | 187 |  |  |  | — |
Total weighted average diluted shares |  |  | 26,419 |  |  |  | 22,883 |
Basic earnings (loss) attributable to common shareholders: |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.15 |  |  | $ | (0.17 | )
Discontinued operations |  | $ | — |  |  | $ | 0.05 |
Basic earnings (loss) per share - net income (loss) attributable to common shareholders: |  | $ | 1.15 |  |  | $ | (0.12 | )
Diluted earnings (loss) attributable to common shareholders: |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.05 |  |  | $ | (0.17 | )
Discontinued operations |  | $ | — |  |  | $ | 0.05 |
Diluted earnings (loss) per share - net income (loss) attributable to common shareholders |  | $ | 1.05 |  |  | $ | (0.12 | )
| (a) | Potentially dilutive securities consist of unvested restricted stock awards and warrants, calculated using the treasury stock method, and convertible preferred stock, using the if-converted method. Because the Company is reporting a loss from continuing operations attributable to common shareholders for the three months ended March 31, 2022, all pote ntially dilutive securities outstanding were excluded from the calculation of diluted loss from continuing operations per share since their inclusion would have been anti-dilutive.
Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using weighted-average diluted shares. Weighted-average diluted shares is calculated by adding the effect of potentially dilutive securities to weighted-average common shares outstanding. Potentially dilutive securities are excluded from the diluted earnings (loss) per share computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive.
KINGSWAY FINANCIAL SERVICES INC. Notes to Consolidated Financial Statements (Unaudited) March 31, 2023
The following weighted-average potentially dilutive securities are not included in the diluted earnings (loss) per share calculations above because they would have had an antidilutive effect on the earnings ( loss) per share:
|  | Three months ended March 31, |
|  | 2023 |  |  | 2022 |
Unvested restricted stock awards |  |  | 358,410 |  |  |  | 1,252,754 |
Warrants |  |  | — |  |  |  | 4,573,765 |
Convertible preferred stock |  |  | — |  |  |  | 1,060,831 |
Total |  |  | 358,410 |  |  |  | 6,887,350 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration