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Note 9 - Basic and Diluted Earnings Per Common Share
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

9. Basic and Diluted Earnings per Common Share:

 

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of US dollars, except for share data):

 

  

Three Months Ended March 31,

 
  

2022

  

2021

 
         

Numerator for basic and diluted earnings per common share:

        

Net income for the period

 $(3,020) $2,149 
         

Denominator for basic and diluted earnings per common share:

        

Basic weighted average number of common shares outstanding

  10,754,758   10,617,807 

Effect of outstanding stock options

  -   178,955 

Diluted weighted average number of shares outstanding

  10,754,758   10,796,762 
         

Basic earnings per common share

 $(0.28) $0.20 
         

Diluted earnings per common share

 $(0.28) $0.20 

 

For the three months ended March 31, 2022 the Company recorded a net loss, thus all outstanding options were considered anti-dilutive and excluded from the computation of diluted income per common share.  For the three months ended March 31, 2021 4,004 outstanding options were not included in the computation of diluted income per common share because the options’ exercise price was greater than the average market price of the common shares for the period.