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Note 3 - Earnings Per Share
 6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 3 — EARNINGS PER SHARE 

 

The following table presents a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021, as follows: 

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2022

  

2021

  

2022

  

2021

 

Basic earnings per share calculation:

                

Net (loss) income

 $(2,703) $10,252  $(5,107) $9,042 

Weighted average number of common shares outstanding

  20,244,176   18,760,910   19,977,477   17,973,896 

Basic net (loss) income per share

 $(0.13) $0.55  $(0.26) $0.50 

Diluted earnings per share calculation:

                

Net (loss) income

 $(2,703) $10,252  $(5,107) $9,042 

Weighted average number of common shares outstanding

  20,244,176   18,760,910   19,977,477   17,973,896 

Common stock equivalents:

                

Non-vested stock awards (1)

  —   639,150   —   889,874 

Weighted average number of common shares outstanding

  20,244,176   19,400,060   19,977,477   18,863,770 

Diluted net (loss) income per share

 $(0.13) $0.53  $(0.26) $0.48 

 

 

(1) Restricted stock units granted and outstanding of 829,890 as of June 30, 2022, are excluded from the computation of diluted earnings due to the anti-dilutive effect as a result of the Company’s net loss for the three and six months ended June 30, 2022.