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Note 15 - (Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

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, 2024 and September 30, 2023:

(in thousands, except per share data)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Numerator:
(Loss) income from continuing operations		$	(2,176	)		$	(797	)		$	(6,644	)		$	25,158
Less: net income from continuing operations attributable to noncontrolling interests			(491	)			(351	)			(825	)			(121	)
Less: dividends on preferred stock			(13	)			—				(13	)			(74	)
Numerator used in calculating basic (loss) earnings per share from continuing operations attributable to common shareholders		$	(2,680	)		$	(1,148	)		$	(7,482	)		$	24,963
Adjustment to add-back dividends on preferred stock			—				—				—				74
Adjustment for proportionate interest in Ravix and SNS earnings attributable to common stock			—				—				—				(77	)
Numerator used in calculating diluted (loss) earnings per share from continuing operations attributable to common shareholders		$	(2,680	)		$	(1,148	)		$	(7,482	)		$	24,960
(Loss) income from discontinued operations			(135	)			122				(181	)			339
Numerator used in calculating diluted (loss) earnings per share - net (loss) income attributable to common shareholders		$	(2,815	)		$	(1,026	)		$	(7,663	)		$	25,299
Denominator:
Weighted-average basic shares
Weighted-average common shares outstanding			27,197				26,239				27,213				25,206
Weighted-average diluted shares
Weighted-average common shares outstanding			27,197				26,239				27,213				25,206
Effect of potentially dilutive securities (a)
Stock options			—				—				—				—
Unvested restricted stock awards			—				—				—				735
Convertible preferred stock			—				—				—				—
Total weighted-average diluted shares			27,197				26,239				27,213				25,941
Basic (loss) earnings attributable to common shareholders:
Continuing operations		$	(0.10	)		$	(0.04	)		$	(0.27	)		$	0.99
Discontinued operations		$	—			$	0.00			$	(0.01	)		$	0.01
Basic (loss) earnings per share - net (loss) income attributable to common shareholders:		$	(0.10	)		$	(0.04	)		$	(0.28	)		$	1.00
Diluted (loss) earnings attributable to common shareholders:
Continuing operations		$	(0.10	)		$	(0.04	)		$	(0.27	)		$	0.96
Discontinued operations		$	—			$	0.00			$	(0.01	)		$	0.01
Diluted (loss) earnings per share - net (loss) income attributable to common shareholders		$	(0.10	)		$	(0.04	)		$	(0.28	)		$	0.97

(a) Potentially dilutive securities consist of stock options and unvested restricted stock awards, 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 and nine months ended  September 30, 2024 and 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,
		2024				2023				2024				2023
Stock options			265,000				—				265,000				—
Unvested restricted stock awards			448,964				1,046,947				448,964				—
Convertible preferred stock			868,421				—				868,421				—
Total			1,582,385				1,046,947				1,582,385				—

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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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-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

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