Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Earnings Per Share

v3.23.2
Note 5 - Earnings Per Share
6 Months Ended
Jun. 30, 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 June 30,

   

Six Months Ended June 30,

 
   

2023

   

2022

   

2023

   

2022

 
   

(in thousands)

 

Net income (loss) (numerator):

                               

Income (loss) from continuing operations

  $ 6,754     $ 15,124     $ 10,237     $ 27,300  

Income from continuing operations attributable to unvested shares

    (27 )     (229 )     (15 )     (381 )

Numerator for basic

    6,727       14,895       10,222       26,919  

Loss from continuing operations attributable to unvested shares

          1       (41 )     2  

Numerator for dilutive

  $ 6,727     $ 14,896     $ 10,181     $ 26,921  
                                 

Loss from discontinued operations, net of tax

  $ (2 )   $ (20 )   $ (15 )   $ (32 )

Loss from discontinued operations attributable to unvested shares

                       

Numerator for basic

    (2 )     (20 )     (15 )     (32 )

(Income) loss from discontinued operations attributable to unvested shares

                       

Numerator for dilutive

  $ (2 )   $ (20 )   $ (15 )   $ (32 )
                                 

Net income (loss)

  $ 6,752     $ 15,104     $ 10,222     $ 27,268  

Net income attributable to unvested shares

    (27 )     (229 )     (56 )     (381 )

Numerator for basic

    6,725       14,875       10,166       26,887  

Net (income) loss attributable to unvested shares

    27       1       41       2  

Numerator for dilutive

  $ 6,752     $ 14,876     $ 10,125     $ 26,889  
                                 

Weighted average shares (denominator):

                               

Basic weighted average shares outstanding

    106,965       58,925       107,175       58,814  

Effect of dilutive securities

    648       436       875       464  

Diluted weighted average shares outstanding

    107,613       59,361       108,050       59,278  

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

    431       251       238       154