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Note 9 - Basic and Diluted Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 June 30,

  

Six Months Ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 
                 

Numerator for basic and diluted earnings per common share:

                

Net income for the period

 $(3,125) $1,807  $(6,145) $3,956 
                 

Denominator for basic and diluted earnings per common share:

                

Basic weighted average number of common shares outstanding

  10,765,595   10,633,601   10,758,691   10,625,748 

Effect of outstanding stock options

  -   164,320   -   168,775 

Diluted weighted average number of shares outstanding

  10,765,595   10,797,921   10,758,691   10,794,523 
                 

Basic earnings per common share

 $(0.29) $0.17  $(0.57) $0.37 
                 

Diluted earnings per common share

 $(0.29) $0.17  $(0.57) $0.37 

 

For the three and six months ended June 30, 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 June 30, 2021  options to purchase 43,445 common shares 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.

 

For the six months ended June 30, 2021, options to purchase 42,752 common shares 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.