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Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) for the period |  | $ | (7,981 | ) |  | $ | 1,375 |  |  | $ | (14,126 | ) |  | $ | 5,331 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average number of common shares outstanding |  |  | 10,779,348 |  |  |  | 10,679,309 |  |  |  | 10,766,657 |  |  |  | 10,643,798 |
Effect of outstanding stock options |  |  | - |  |  |  | 140,407 |  |  |  | - |  |  |  | 156,563 |
Diluted weighted average number of shares outstanding |  |  | 10,779,348 |  |  |  | 10,819,716 |  |  |  | 10,766,657 |  |  |  | 10,800,361 |
Basic earnings (loss) per common share |  | $ | (0.74 | ) |  | $ | 0.13 |  |  | $ | (1.31 | ) |  | $ | 0.50 |
Diluted earnings (loss) per common share |  | $ | (0.74 | ) |  | $ | 0.13 |  |  | $ | (1.31 | ) |  | $ | 0.49 |
For the three and nine months ended September 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 September 30, 2021 options to purchase 92,470 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 nine months ended September 30, 2021, options to purchase 44,150 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.

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