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Note 12 - Loss Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

12. 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 unvested shares of restricted common stock, which are measured using the treasury stock method. When the Company recognizes a net loss, as was the case for the three and nine months ended September 30, 2023, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share.

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, 2023 and 2022:

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2023*				*2022*				*2023*				*2022*
		(in thousands except per share data)
Net income (loss)		$	(8,788	)		$	4,110			$	(12,550	)		$	848
Less: undistributed earnings allocated to participating securities			-				(101	)			-				-
Undistributed earnings (losses) attributable to common shareholders		$	(8,788	)		$	4,009			$	(12,550	)		$	848

Basic weighted average common shares outstanding			25,429				24,390				25,266				24,548
Dilutive effect of potentially dilutive securities			-				292				-				343
Diluted weighted average common shares outstanding			25,429				24,682				25,266				24,891

Basic net income (loss) per share		$	(0.35	)		$	0.16			$	(0.50	)		$	0.03
Diluted net income (loss) per share		$	(0.35	)		$	0.16			$	(0.50	)		$	0.03

For the three and nine months ended September 30, 2023 and 2022, 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,*
		*2023*				*2022*				*2023*				*2022*
		(in thousands)
Stock options			23				28				23				28
Unvested shares of restricted stock			855				-				855				-
Total			878				28				878				28