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NET INCOME (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE

12. NET INCOME (LOSS) PER SHARE

 

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income (loss) by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and warrants, which are measured using the treasury stock method, and unvested shares of restricted common stock. When the Company recognizes a net loss, as was the case for the nine months ended September 30, 2021, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share. Unvested shares of restricted stock participate in dividend distributions and are therefore included as a reduction in the calculation of income attributable to common shareholders. See Note 9- Shareholders’ Equity.

 

The following table sets forth the calculation of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2022 and 2021:

 

   2022   2021   2022   2021 
   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2022   2021   2022   2021 
   (in thousands except per share data) 
Net income (loss)  $4,110   $81   $848   $(288)
Less: undistributed earnings allocated to participating securities   

(101

)   -    -    - 
Undistributed earnings attributable to common shareholders  $

4,009

   $

81

   $

(308

)  $

(288

)
                     
Basic weighted average common shares outstanding   24,390    4,676    24,548    4,430 
Dilutive effect of unvested restricted stock   

292

    43    

343

    - 
Dilutive effect of warrants   -    2    -    - 
Diluted weighted average common shares outstanding   24,682    4,721    24,891    4,430 
                     
Basic net income (loss) per share  $0.16   $0.02   $0.03   $(0.07)
Diluted net income (loss) per share  $0.16   $0.02   $0.03   $(0.07)

 

 

For the three and nine months ended September 30, 2022 and 2021, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows:

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2022   2021   2022   2021 
   (in thousands) 
Stock options   -    -    -    31 
Unvested shares of restricted stock   -    -    -    158 
Warrants   -    -    -    50 
Total   -    -    -    239