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Note J - Earnings Per Share | 6 Months Ended
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Jun. 30, 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 June 30, |
In thousands, except per share amounts |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 4,461 |  |  | $ | 10,569 |
Less: Preferred stock dividends |  |  | 124 |  |  |  | 124 |
Less: Earnings attributable to participating securities |  |  | 542 |  |  |  | 1,361 |
Numerator for basic EPS: income attributable to common stockholders |  |  | 3,795 |  |  | $ | 9,084 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Allocation of earnings to participating securities |  |  | 542 |  |  |  | 1,361 |
Less: Re-allocation of earnings to participating securities considering potentially dilutive securities |  |  | (518 | ) |  |  | (1,277 | )
Numerator for diluted EPS |  |  | 3,819 |  |  |  | 9,168 |
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 7,017 |  |  |  | 6,686 |
Diluted EPS denominator |  |  | 7,388 |  |  |  | 7,193 |
Basic income per Common Share |  | $ | 0.54 |  |  | $ | 1.36 |
Diluted income per Common Share |  | $ | 0.52 |  |  | $ | 1.27 |
For the three months ended June 30, 2022 and 2021, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 13,063 and 50,653 shares of anti-dilutive market price options; 0 and 3,846 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).
|  | Six Months Ended June 30, |
In thousands, except per share amounts |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |
Net Income |  | $ | 7,806 |  |  | $ | 8,811 |
Less: Preferred stock dividend |  |  | 246 |  |  |  | 246 |
Less: Earnings attributable to common stockholders |  |  | 946 |  |  |  | 1,118 |
Numerator for basic EPS: income attributable to common stockholders |  |  | 6,614 |  |  |  | 7,447 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Allocation of earnings to participating securities |  |  | 946 |  |  |  | 1,118 |
Less: Re-allocation of earnings to participating securities considering potentially dilutive securities |  |  | (908 | ) |  |  | (1,055 | )
Numerator for diluted EPS |  | $ | 6,652 |  |  | $ | 7,510 |
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 7,004 |  |  |  | 6,669 |
Diluted EPS denominator |  |  | 7,338 |  |  |  | 7,131 |
Basic income per Common Share |  | $ | 0.94 |  |  | $ | 1.12 |
Diluted income per Common Share |  | $ | 0.91 |  |  | $ | 1.05 |
For the six months ended June 30, 2022 and 2021, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 14,063 and 52,442 shares of anti-dilutive market price options; 11,138 and 1,934 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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