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Note 14 - Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

14.

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 EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based awards using the treasury stock method

 

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

 

  

Three Month Period Ended

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 

Shares used in the calculation of basic earnings per share

  14,603   14,429   14,542   14,389 

Effect of dilutive securities:

                

Share-based payment awards

  -   218   -   199 

Diluted shares used in the calculation of earnings per share

  14,603   14,647   14,542   14,588 

 

The Company had a net loss during the three and nine-months ended September 30, 2022, and therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options of 1.1 million shares were outstanding for the nine-month period ended September 30, 2021, respectively, and were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.