Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Earnings Per Share

v3.23.1
Note 5 - Earnings Per Share
3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

5. EARNINGS PER SHARE 

 

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

 

A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows: 

 

   

Three Months Ended March 31,

 
   

2023

   

2022

 
   

(in thousands)

 

Net income (loss) (numerator):

               

Income (loss) from continuing operations

  $ 3,483     $ 12,176  

Income from continuing operations attributable to unvested shares

    18       (140 )

Numerator for basic

    3,501       12,036  

Loss from continuing operations attributable to unvested shares

    (18 )      

Numerator for dilutive

  $ 3,483     $ 12,036  
                 

Loss from discontinued operations, net of tax

  $ (13 )   $ (12 )

Loss from discontinued operations attributable to unvested shares

           

Numerator for basic

    (13 )     (12 )

(Income) loss from discontinued operations attributable to unvested shares

           

Numerator for dilutive

  $ (13 )   $ (12 )
                 

Net income (loss)

  $ 3,470     $ 12,164  

Net income attributable to unvested shares

    (29 )     (139 )

Numerator for basic

    3,441       12,025  

Net (income) loss attributable to unvested shares

    (18 )      

Numerator for dilutive

  $ 3,423     $ 12,025  
                 

Weighted average shares (denominator):

               

Basic weighted average shares outstanding

    107,387       58,702  

Effect of dilutive securities

    1,365       477  

Diluted weighted average shares outstanding

    108,752       59,179  

Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive

    195       139