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Note 15 - (Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2023

NOTE 15 (LOSS) EARNINGS PER SHARE

The following table sets forth the reconciliation of numerators and denominators for the basic and diluted (loss) earnings per share computation for the three and nine months ended September 30, 2023 and September 30, 2022:

(in thousands, except per share data)	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
Numerator:
(Loss) income from continuing operations	$	(797	)	$	38,943		$	25,158		$	31,793
(Less) plus: net (income) loss from continuing operations attributable to noncontrolling interests		(351	)		1,191			(121	)		1,084
Less: dividends on preferred stock		—			(77	)		(74	)		(234	)
Numerator used in calculating basic (loss) earnings per share from continuing operations attributable to common shareholders	$	(1,148	)	$	40,057		$	24,963		$	32,643
Adjustment to add-back dividends on preferred stock		—			77			74			234
Adjustment for proportionate interest in Ravix, SNS and SPI's earnings attributable to common stock		—			(23	)		(77	)		51
Numerator used in calculating diluted (loss) earnings per share from continuing operations attributable to common shareholders	$	(1,148	)	$	40,111		$	24,960		$	32,928
Income (loss) from discontinued operations		122			(1,670	)		339			611
Less: net income from discontinued operations attributable to noncontrolling interests		—			(124	)		—			(469	)
Numerator used in calculating diluted (loss) earnings per share - net (loss) income attributable to common shareholders	$	(1,026	)	$	38,317		$	25,299		$	33,070

Denominator:
Weighted-average basic shares
Weighted-average common shares outstanding		26,239			22,960			25,206			22,909
Weighted-average diluted shares
Weighted-average common shares outstanding		26,239			22,960			25,206			22,909
Effect of potentially dilutive securities (a)
Unvested restricted stock awards		—			641			735			560
Warrants		—			1,179			—			650
Convertible preferred stock		—			936			—			936
Total weighted-average diluted shares		26,239			25,716			25,941			25,055
Basic (loss) earnings attributable to common shareholders:
Continuing operations	$	(0.04	)	$	1.75		$	0.99		$	1.42
Discontinued operations	$	—		$	(0.08	)	$	0.01		$	0.01
Basic (loss) earnings per share - net (loss) income attributable to common shareholders:	$	(0.04	)	$	1.67		$	1.00		$	1.43
Diluted (loss) earnings attributable to common shareholders:
Continuing operations	$	(0.04	)	$	1.56		$	0.96		$	1.31
Discontinued operations	$	—		$	(0.07	)	$	0.01		$	0.01
Diluted (loss) earnings per share - net (loss) income attributable to common shareholders	$	(0.04	)	$	1.49		$	0.97		$	1.32

(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 September 30, 2023, all potentially 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 (loss) earnings per share excludes dilution and is computed by dividing (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted (loss) earnings 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 (loss) earnings 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.

The following weighted-average potentially dilutive securities are not included in the dilut ed (loss) earnings per share calculations above because they would have had an antidilutive effect on the (loss) earnings per share:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Unvested restricted stock awards		1,046,947		511,740		—		592,162
Warrants		—		—		—		—
Convertible preferred stock		—		—		—		—
Total		1,046,947		511,740		—		592,162