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Note 6 - Earnings (Loss) Per Common Share | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] |
(6) | Earnings (Loss) Per Common Share
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were 1,017,000 potential common shares excluded from diluted earnings per share for the three months ended June 30, 2024. For the six months ended June 30, 2024, diluted weighted average common shares do not include the impact of any outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive. There were 663,000 potential common shares excluded from diluted earnings per share for the three and six months ended July 2, 2023. A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted income (loss) per common share is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | July 2, |  |  | June 30, |  |  | July 2, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  | (Unaudited) |
Income (loss) attributable to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) income as reported |  | $ | 16 |  |  | $ | 213 |  |  | $ | (2,205 | ) |  | $ | 38 |
Less distributed and undistributed earnings allocable to restricted award holders |  |  | 0 |  |  |  | (5 | ) |  |  | 0 |  |  |  | (1 | )
Less dividends declared attributable to restricted award holders |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Net income (loss) allocable to common stockholders |  | $ | 16 |  |  | $ | 208 |  |  | $ | (2,205 | ) |  | $ | 37 |
Income (loss) per common share attributable to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.00 |  |  | $ | 0.01 |  |  | $ | (0.10 | ) |  | $ | 0.00 |
Diluted |  | $ | 0.00 |  |  | $ | 0.01 |  |  | $ | (0.10 | ) |  | $ | 0.00 |
Weighted average shares outstanding – basic |  |  | 21,989 |  |  |  | 21,852 |  |  |  | 21,973 |  |  |  | 21,824 |
Weighted average additional shares assuming conversion of potential common shares |  |  | 299 |  |  |  | 594 |  |  |  | 0 |  |  |  | 633 |
Weighted average shares outstanding – diluted |  |  | 22,288 |  |  |  | 22,446 |  |  |  | 21,973 |  |  |  | 22,457 |

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