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Note J - Earnings Per Share | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note J - Earnings Per Share In periods in which the Company has net income, the Company is required to calculate earnings per share (“EPS”) using the two -class method. The two -class method is required because the Company's Series A Preferred Stock is considered a participating security with objectively determinable and non-discretionary dividend participation rights. Series A preferred stockholders have the right to participate in dividends above their five percent dividend rate should the Company declare dividends on its Common Stock at a dividend rate higher than the five percent (on an as-converted basis). Under the two -class method, undistributed and distributed earnings are allocated on a pro-rata basis to the common and the preferred stockholders. The weighted-average number of common and preferred stock outstanding during the period is then used to calculate EPS for each class of shares. In periods in which the Company has a net loss, basic loss per share is calculated using the treasury stock method. The treasury stock method is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. The two -class method is not used, because the calculation would be anti-dilutive. Reconciliations of basic and diluted EPS were as follows:
|  | Three Months Ended June 30, |
In thousands, except per share amounts |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (6,235 | ) |  | $ | (3,803 | )
Less: Preferred stock dividends |  |  | 123 |  |  |  | 124 |
Numerator for basic EPS: loss attributable to common stockholders |  |  | (6,358 | ) |  |  | (3,927 | )
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 6,453 |  |  |  | 6,272 |
Diluted EPS denominator |  |  | 6,453 |  |  |  | 6,272 |
Basic loss per Common Share |  | $ | (0.99 | ) |  | $ | (0.63 | )
Diluted loss per Common Share |  | $ | (0.99 | ) |  | $ | (0.63 | )
For the three months ended June 30, 2020 and 2019 , respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 0.1 million and 0.1 million shares of anti-dilutive market price options; 0.3 million and 0.2 million of anti-dilutive unvested shares; and 1.0 million and 1.0 million shares of anti-dilutive preferred stock (as if converted).
|  | Six Months Ended June 30, |
In thousands, except per share amounts |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (1,117 | ) |  | $ | (17,330 | )
Less: Preferred stock dividend |  |  | 247 |  |  |  | 246 |
Numerator for basic EPS: loss attributable to common stockholders |  |  | (1,364 | ) |  |  | (17,576 | )
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 6,386 |  |  |  | 6,270 |
Diluted EPS denominator |  |  | 6,386 |  |  |  | 6,270 |
Basic loss per Common Share |  | $ | (0.21 | ) |  | $ | (2.80 | )
Diluted loss per Common Share |  | $ | (0.21 | ) |  | $ | (2.80 | )
For the six months ended June 30, 2020 and 2019 , respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 0.1 million and 0.3 million shares of anti-dilutive market price options; 0.4 million and 0.2 million of anti-dilutive unvested shares; and 1.0 million and 0 shares of anti-dilutive preferred stock (as if converted).

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