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Note J - Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
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 |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (791 | ) |  | $ | 3,345 |
Less: Preferred stock dividends |  |  | — |  |  |  | 122 |
Less: Earnings attributable to participating securities |  |  | — |  |  |  | 404 |
Numerator for basic EPS: (loss) income attributable to common stockholders |  |  | (791 | ) |  | $ | 2,819 |
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 |  |  | (791 | ) |  |  | 2,834 |
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 7,425 |  |  |  | 6,991 |
Diluted EPS denominator |  |  | 7,425 |  |  |  | 7,286 |
Basic (loss) income per Common Share |  | $ | (0.11 | ) |  | $ | 0.40 |
Diluted (loss) income per Common Share |  | $ | (0.11 | ) |  | $ | 0.39 |
For the three months ended March 31, 2023 and 2022, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 9,921 and 15,074 shares of anti-dilutive market price options; 0 and 76,925 of anti-dilutive unvested restricted shares; and 0 and 1,001,614 shares of anti-dilutive Series A Preferred Stock (as if converted).

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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