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Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share

Earnings Per Share

Note 6 – 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,
		2024			2023

		(in thousands, except per share data)
Net loss		$	(1,984)		$	(383)
Less: Preferred stock dividends			(400)			(400)
Net loss applicable to common stockholders		$	(2,384)		$	(783)

Weighted average common shares outstanding – basic			9,862			9,887
Dilutive potential common shares from convertible preferred stock and restricted stock units			—			—
Weighted average common shares outstanding – diluted			9,862			9,887

Earnings (loss) per common share, basic		$	(0.24)		$	(0.08)
Earnings (loss) per common share, diluted		$	(0.24)		$	(0.08)

Shares issuable upon conversion of Series A Convertible Preferred Stock excluded from calculation because their conversion would be anti-dilutive			600			600
Shares subject to restricted stock units excluded from calculation because their effect would be anti-dilutive			31			—

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 effect of their conversion would be anti-dilutive due to the net losses and/or due to the $8.33 conversion price being higher than the average market price of the common stock. 31,250

restricted stock units (relating to the same number of shares of common stock) were outstanding for 2024 but were not included in the computation of diluted earnings (loss) per share for 2024 because their effect would be anti-dilutive due to the net losses.