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Note 2 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

2. Income (loss) per share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, in addition to restricted stock units ("RSUs") that are vested but not delivered and restricted stock. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock are exercised or converted into common stock and is calculated using the treasury stock method for stock options, restricted stock units, restricted stock, warrants and deferred common stock. Stock equivalent shares are excluded from the calculation in loss periods, as their effects would be anti-dilutive.

For the three and nine months ended September 30, 2022 and 2021, basic and diluted income (loss) per share was as follows:

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Numerator:
Net income (loss)		$	3,113			$	(2,452	)		$	(55,844	)		$	(13,889	)
Denominator:
Weighted average shares outstanding			79,898,219				78,441,740				79,620,308				77,866,621
Weighted average restricted shares vested not delivered			1,694,097				1,691,666				1,707,331				1,887,041
Total basic weighted average shares outstanding			81,592,316				80,133,406				81,327,639				79,753,662
Dilutive effect of assumed conversion of restricted stock units			107,650				—				—				—
Total diluted weighted average shares outstanding			81,699,966				80,133,406				81,327,639				79,753,662
Basic and diluted income (loss) per share:
Basic		$	0.04			$	(0.03	)		$	(0.69	)		$	(0.17	)
Diluted		$	0.04			$	(0.03	)		$	(0.69	)		$	(0.17	)

Based upon the exercise price and the average stock price for the three and nine months ended September 30, 2022 and 2021, respectively, certain stock equivalents, including stock options and warrants, have been excluded from diluted weighted average share calculations due to their anti-dilutive nature.

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Restricted stock units			1,220,790				2,814,788				1,780,022				2,814,788
Stock options			2,139,000				2,204,000				2,139,000				2,204,000
Warrants			—				833,333				—				833,333
Total anti-dilutive securities			3,359,790				5,852,121				3,919,022				5,852,121