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Note 18 - Earnings Per Common Share:
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

18. 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):

 

  

Year ended December 31,

 
  

2022

  

2021

  

2020

 
             

Numerator for basic and diluted earnings per common share:

            

Net income for the period

 $(27,571) $3,364  $5,775 
             

Denominator for basic and diluted earnings per common share:

            

Basic weighted average number of common shares outstanding

  10,769,280   10,662,337   10,590,684 

Effect of outstanding stock options

  -   155,132   101,597 

Diluted weighted average number of shares outstanding

  10,769,280   10,817,468   10,692,281 
             

Basic earnings per common share

 $(2.56) $0.32  $0.55 
             

Diluted earnings per common share

 $(2.56) $0.31  $0.54 

 

For the year ended  December 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 year ended  December 31, 2021, options to purchase 39,889 common shares were outstanding (2020: 83,177) but 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 year.