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Note 3 - Earnings Per Share
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022, as follows: 

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2023

  

2022

  

2023

  

2022

 

Basic earnings per share calculation:

                

Net income (loss)

 $4,394  $(1,772) $6,578  $(6,879)

Weighted average number of common shares outstanding

  21,336,957   20,505,884   21,100,876   20,155,548 

Basic net income (loss) per share

 $0.21  $(0.09) $0.31  $(0.34)

Diluted earnings per share calculation:

                

Net income (loss)

 $4,394  $(1,772) $6,578  $(6,879)

Weighted average number of common shares outstanding

  21,336,957   20,505,884   21,100,876   20,155,548 

Common stock equivalents:

                

Non-vested stock awards (1)

  237,054   —   350,197   — 

Weighted average number of common shares outstanding

  21,574,011   20,505,884   21,451,073   20,155,548 

Diluted net income (loss) per share

 $0.20  $(0.09) $0.31  $(0.34)

 

(1) Restricted stock units granted and outstanding of 811,342 as of September 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 months and nine months ended September 30, 2022.