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Note 9 - Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Earnings Per Share [Text Block] |
9) | EARNINGS PER SHARE
We compute earnings per share using the two-class method in accordance with ASC Topic No. 260, “Earnings per Share”, (“ASC 260”). The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. The Company has outstanding Restricted Stock Units (“RSUs”) granted on September 3, 2024, for 750,000 shares which provide the holder with a non-forfeitable right to receive dividends on the full amount, even prior to vesting. The RSUs, and related dividends, vest in five equal installments on each anniversary of the award date. These RSUs are considered participating securities and require the use of the two-class method for computing basic and diluted earnings per share (“EPS”), pursuant to ASC 260. These contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month and nine-month periods ended September 30, 2025 or 2024 as the shares which had vested were not issued. The vested shares are held in name only per the award grant and held until the earlier of termination of employment under certain circumstances or full vesting at the end of the award period. Basic and diluted earnings per common share were computed as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (9,327 | ) |  | $ | (1,195 | ) |  | $ | (37,386 | ) |  | $ | 12,706 |
Loss allocated to participating securities (RSUs) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net (loss) income attributable to common stockholders |  | $ | (9,327 | ) |  | $ | (1,195 | ) |  | $ | (37,386 | ) |  | $ | 12,706 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding – basic |  |  | 43,803,243 |  |  |  | 43,763,243 |  |  |  | 43,803,243 |  |  |  | 43,763,243 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and other awards |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Weighted average shares outstanding – diluted |  |  | 43,803,243 |  |  |  | 43,763,243 |  |  |  | 43,803,243 |  |  |  | 43,763,243 |
Basic (loss) earnings per share |  | $ | (0.21 | ) |  | $ | (0.03 | ) |  | $ | (0.85 | ) |  | $ | 0.29 |
Diluted (loss) earnings per share |  | $ | (0.21 | ) |  | $ | (0.03 | ) |  | $ | (0.85 | ) |  | $ | 0.29 |
The calculation of diluted EPS in the three and nine months ended September 30, 2025 excludes the effect of incremental shares from the unvested RSUs (750,000 shares granted on September 3, 2024) and options to purchase the Company’s stock, as their inclusion would be anti-dilutive due to the reported net loss. For the three and nine months ended September 30, 2025, 50,000 and 46,667 options to purchase FutureFuel’s common stock were excluded, respectively. In the three and nine months ended September 30, 2024, 44,000 and 44,000 options to purchase FutureFuel's common stock, respectively, were excluded.

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