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Note 13 - Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]

13.

Earnings Per Share (“EPS”)

 

Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based payment awards using the treasury stock method.

 

The following table provides share information used in the calculation of the Company's basic and diluted earnings (loss) per share:

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Shares used in the calculation of basic earnings per share

  14,205   14,070   14,202   14,065 

Effect of dilutive securities:

                

Share-based payment awards

  -   317   -   201 

Diluted shares used in the calculation of earnings per share

  14,205   14,387   14,202   14,266 

 

For the three- and nine-month periods ended September 30, 2020, the net loss available to common shareholders is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. The assumed exercise of stock options would have been anti-dilutive. Stock options of 1.0 million shares and 0.4 million shares were outstanding for the three-month periods ended September 30, 2020 and 2019 and were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive. Stock options of 0.8 million and 0.7 million shares were outstanding for the nine-month periods ended September 30, 2020 and 2019 and were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.