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Note 12 - Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note 12. Earnings per share The following table sets forth the computation of the basic and diluted earnings per common share for the years ended December 31, 2024, 2023 and 2022:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands, except share and per share data) |
Earnings per common share - basic |  |  |  |  |  |  |  |  |  |  |  |
Numerator for basic earnings per share |  | $ | (5,633 | ) |  | $ | (17,185 | ) |  | $ | 21,151 |
Denominator for basic weighted average shares |  |  | 36,104,415 |  |  |  | 30,957,849 |  |  |  | 24,726,079 |
(Loss)/Earnings per common share - basic |  | $ | (0.16 | ) |  | $ | (0.56 | ) |  | $ | 0.86 |
Earnings per common share - diluted |  |  |  |  |  |  |  |  |  |  |  |
Numerator for increase in net assets per share |  | $ | (5,633 | ) |  | $ | (17,185 | ) |  | $ | 21,151 |
Adjustment for interest expense and debt issuance costs on 2031 Convertible Notes (1) |  | $ | — |  |  | $ | — |  |  | $ | — |
Numerator for diluted earnings per share |  | $ | (5,633 | ) |  | $ | (17,185 | ) |  | $ | 21,151 |
Denominator for basic weighted average shares |  |  | 36,104,415 |  |  |  | 30,957,849 |  |  |  | 24,726,079 |
Adjustment for dilutive effect of 2031 Convertible Notes (1) |  |  | — |  |  |  | — |  |  |  | — |
Denominator for diluted weighted average shares |  |  | 36,104,415 |  |  |  | 30,957,849 |  |  |  | 24,726,079 |
(Loss)/Earnings per common share - diluted |  | $ | (0.16 | ) |  | $ | (0.56 | ) |  | $ | 0.86 |
(1) | No adjustments for interest or incremental shares were included for the year ended December 31, 2024 because the effect would be antidilutive. The 2031 Convertible Notes were not outstanding as of December 31, 2023 and 2022.
In certain circumstances, the 2031 Convertible Notes may be convertible into cash or shares of the Company’s common stock, which can be dilutive to common stockholders. Diluted (loss) earnings available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using the if-converted method that assumes conversion of convertible securities at the beginning of the reporting period or at the issuance date and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur. The 2031 Convertible Notes convert at the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) the Company’s most recently reported NAV per Share immediately prior to the date of issuance. For the year ended December 31, 2024, using the if-converted method, the 2031 Convertible Notes would convert at the volume-weighted average closing sale price for the five trading days immediately prior to the issuance date, or $10.06 per share. For the year ended December 31, 2024, the 2031 Convertible Notes were antidilutive because interest net of tax and nondiscretionary adjustments per common share obtainable on conversion exceeded basic EPS.

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