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Note J - Earnings Per Share | 3 Months Ended
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Mar. 31, 2022
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 March 31, |
In thousands, except per share amounts |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 3,345 |  |  | $ | (1,758 | )
Less: Preferred stock dividends |  |  | 122 |  |  |  | 122 |
Less: Earnings attributable to participating securities |  |  | 404 |  |  |  | — |
Numerator for basic EPS: income (loss) attributable to common stockholders |  |  | 2,819 |  |  | $ | (1,880 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Allocation of earnings to participating securities |  |  | 404 |  |  |  | — |
Less: Re-allocation of earnings to participating securities considering potentially dilutive securities |  |  | (389 | ) |  |  | — |
Numerator for diluted EPS |  |  | 2,834 |  |  |  | (1,880 | )
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 6,991 |  |  |  | 6,651 |
Diluted EPS denominator |  |  | 7,286 |  |  |  | 6,651 |
Basic income (loss) per Common Share |  | $ | 0.40 |  |  | $ | (0.28 | )
Diluted income (loss) per Common Share |  | $ | 0.39 |  |  | $ | (0.28 | )
For the three months ended March 31, 2022 and 2021, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 15,074 and 86,156 shares of anti-dilutive market price options; 76,925 and 761,421 of anti-dilutive unvested restricted shares; and 1,001,614 and 1,001,614 shares of anti-dilutive Series A Preferred Stock (as if converted).

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