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Earnings Per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share |
Earnings Per Share | Note 7 – 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. On March 1, 2024, the Board of Directors declared a 50% common stock dividend with a record date of March 11, 2024, that was paid on March 22, 2024. The effect of this stock dividend (which is accounted for as a stock split effected in the form of a stock dividend) has been applied retroactively to weighted average common shares outstanding, earnings per share, and the conversion rate and conversion price applicable for our Series A Convertible Preferred Stock, as if the 50% common stock dividend had occurred at the beginning of the earliest period presented. The following table sets forth the computation of basic and diluted earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (in thousands, except per share data)
Net income (loss) |  | $ | (383) |  | $ | 1,672
Less: Preferred stock dividends | ​ |  | (400) | ​ |  | (400)
Net income (loss) applicable to common stockholders | ​ | $ | (783) | ​ | $ | 1,272
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding – basic | ​ |  | 9,887 | ​ |  | 9,905
Dilutive potential common shares from convertible preferred stock | ​ |  | — | ​ |  | —
Weighted average common shares outstanding – diluted | ​ |  | 9,887 | ​ |  | 9,905
​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per common share, basic | ​ | $ | (0.08) | ​ | $ | 0.13
Earnings (loss) per common share, diluted | ​ | $ | (0.08) | ​ | $ | 0.13
​ | ​ | ​ | ​ | ​ | ​ | ​
Shares subject to anti-dilutive Series A Convertible Preferred Stock excluded from calculation | ​ |  | 600 | ​ |  | 600
​ 200,000 shares of Series A Convertible Preferred Stock convertible into 600,000 shares of common stock were outstanding but were not included in the computation of diluted earnings (loss) per share because the $8.33 conversion price was greater than the average market price of the common stock.

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