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Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share

Earnings Per Share

Note 5 – Earnings Per Share

Basic earnings per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, plus the dilutive effect of any dilutive securities. The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022

		(in thousands, except per share data)
Net income (loss)		$	(125)		$	6		$	65		$	260
Less: Preferred stock dividends			(100)			(100)			(300)			(300)
Net income (loss) applicable to common stockholders			(225)			(94)			(235)			(40)

Weighted average common shares outstanding – basic			6,582			6,603			6,597			6,603
Dilutive potential common shares from convertible preferred stock			—			—			—			—
Weighted average common shares outstanding – diluted			6,582			6,603			6,597			6,603

Earnings (loss) per common share, basic		$	(0.03)		$	(0.01)		$	(0.04)		$	(0.01)
Earnings (loss) per common share, diluted		$	(0.03)		$	(0.01)		$	(0.04)		$	(0.01)

Shares subject to anti-dilutive Series A Convertible Preferred Stock excluded from calculation			400			400			400			400

200,000 shares of Series A Convertible Preferred Stock convertible into 400,000 shares of common stock were outstanding but were not included in the computation of diluted earnings (loss) per share for the periods presented because the $12.50 conversion price per share was greater than the average market price of the common stock for the applicable period.