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Note 7 - Earnings Per Share | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] | 7. Earnings per Share Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil coupon non-redeemable convertible unsecured loan notes. Diluted earnings per share includes the dilutive effect of the nil coupon non-redeemable convertible unsecured loan notes, RSUs, warrants, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is anti-dilutive. Out-of-money stock options and warrants are excluded from diluted earnings per share because they are unlikely to be exercised and would be anti-dilutive if they were exercised. For the three and six months ended June 30, 2022 and 2021, basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss. The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and six months ended June 30, 2022 and 2021.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic weighted-average shares |  |  | 30,296,000 |  |  |  | 30,264,000 |  |  |  | 30,282,000 |  |  |  | 28,895,000 |
Conversion of unsecured loan notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unexercised options and unvested RSUs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Diluted weighted-average shares |  |  | 30,296,000 |  |  |  | 30,264,000 |  |  |  | 30,282,000 |  |  |  | 28,895,000 |
For the three and six months ended June 30, 2022, Fuel Tech had weighted-average outstanding equity awards of 583,000 and 466,000, respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share. For the three and six months ended June 30, 2022, Fuel Tech had 23,000 and 36,000, respectively, of incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period. These equity awards could potentially dilute basic earnings per share in future years. Fuel Tech had 160,000 weighted average equity awards outstanding at June 30, 2021 that were not dilutive for the purpose of inclusion in the calculation of diluted earnings per share.

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