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Note 9 - Basic and Diluted Earnings Per Common Share

9 Months Ended

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.