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Note J - Earnings Per Share | 12 Months Ended
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Dec. 31, 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 are as follows:
|  | Year Ended December 31, |
In thousands, except per share amounts |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (1,694 | ) |  | $ | (26,264 | )
Less: Preferred stock dividend |  |  | 496 |  |  |  | 496 |
Numerator for basic EPS: loss attributable to common stockholders |  |  | (2,190 | ) |  |  | (26,760 | )
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 6,469 |  |  |  | 6,284 |
Basic loss per common share |  | $ | (0.34 | ) |  | $ | (4.26 | )
Diluted loss per common share |  | $ | (0.34 | ) |  | $ | (4.26 | )
For the years ended December 31, 2020 and 2019 , respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 32 thousand and 0.1 million shares of anti-dilutive market price options; 0.5 million and 0.2 million of anti-dilutive unvested shares; and 1.0 million and 1.0 million shares of anti-dilutive Series A Preferred Stock (as if converted).

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