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Note 12 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

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 per common share is calculated by dividing adjusted net income 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, 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; however, they do not participate in losses. Therefore, dividends attributable to participating securities are not included as a reduction in the calculation of loss attributable to common shareholders.

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, 2024 and 2023:

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2024*				*2023*				*2024*				*2023*
		(in thousands except per share data)
Net income (loss) attributable to common shareholders		$	(2,247	)		$	(8,788	)		$	(13,758	)		$	(12,550	)

Basic weighted average common shares outstanding			28,052				25,429				26,304				25,266
Dilutive effect of potentially dilutive securities			-				-				-				-
Diluted weighted average common shares outstanding			28,052				25,429				26,304				25,266

Basic net income (loss) per share		$	(0.08	)		$	(0.35	)		$	(0.52	)		$	(0.50	)
Diluted net income (loss) per share		$	(0.08	)		$	(0.35	)		$	(0.52	)		$	(0.50	)

For the three and nine months ended September 30, 2024 and 2023, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive were as follows:

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2024*				*2023*				*2024*				*2023*
		(in thousands)
Stock options			22				23				22				23
Unvested shares of restricted stock			1,348				855				1,348				855
Total			1,370				878				1,370				878