Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

Note 4 – Earnings Per Share

Basic earnings per share is computed by dividing net income/loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income/loss by the weighted average number of common shares outstanding during the period, plus the dilutive effect of any dilutive securities.

The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2025			2024			2025			2024

		(in thousands, except per share data)
Net income (loss)		$	100		$	(307)		$	(705)		$	(1,048)
Less: Preferred stock dividends			(100)			(100)			(200)			(200)
Net income (loss) applicable to common stockholders		$	—		$	(407)		$	(905)		$	(1,248)

Weighted average common shares outstanding – basic			9,864			9,860			9,864			9,860
Dilutive potential common shares from convertible preferred stock and restricted stock units			—			—			—			—
Weighted average common shares outstanding – diluted			9,864			9,860			9,864			9,860

Earnings (loss) per common share, basic		$	—		$	(0.04)		$	(0.09)		$	(0.13)
Earnings (loss) per common share, diluted		$	—		$	(0.04)		$	(0.09)		$	(0.13)

Shares issuable upon conversion of Series A Convertible Preferred Stock excluded from calculation because their conversion would be anti-dilutive			600			600			600			600
Shares subject to restricted stock units excluded from calculation because their effect would be anti-dilutive			31			31			31			31

200,000 shares of Series A Convertible Preferred Stock convertible into 600,000 shares of common stock were outstanding but were not included in the computation of diluted earnings (loss) per share because the effect of their conversion would be anti-dilutive due to the net losses and/or due to the $8.33 conversion price being higher than the average market price of the common stock. 31,250 restricted stock units (relating to the same number of shares of common stock) were outstanding but were not included in the computation of diluted earnings (loss) per share for those periods because their effect would be anti-dilutive due to the net loss applicable to common stockholders.