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Note 9 - Basic and Diluted Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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,*
		*2023*				*2022*				*2023*				*2022*

Numerator for basic and diluted earnings per common share:
Net income/(loss) for the period		$	(30,968	)		$	(3,125	)		$	(50,051	)		$	(6,145	)

Denominator for basic and diluted earnings per common share:
Basic weighted average number of common shares outstanding			10,836,652				10,765,595				10,821,608				10,758,691
Effect of outstanding stock options			-				-				-				-
Diluted weighted average number of shares outstanding			10,836,652				10,765,595				10,821,608				10,758,691

Basic and diluted earnings/(loss) per common share		$	(2.86	)		$	(0.29	)		$	(4.63	)		$	(0.57	)

For the three and six months ended June 30, 2023, 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 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.