v3.26.1
Note 10 - Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

10)

EARNINGS PER SHARE

 

We compute earnings per share using the treasury method as all shares with participating security holders had vested. 

 

The Company has outstanding Restricted Stock Units (“RSUs”) issued in 2024, for 750,000 shares which provide the holder with a non-forfeitable right to receive dividends on the full amount, even prior to vesting. The RSUs, and related dividends, vest in five equal installments on each anniversary of the award date. There were no other outstanding RSUs for the periods ended March 31, 2026 and 2025.

 

Basic and diluted earnings per common share were computed as follows:  

 

  

Three Months Ended March 31,

 
      As Adjusted (Note 1) 
  

2026

  

2025

 

Numerator:

        

Net loss

 $(20,582) $(18,094)

Denominator:

        

Weighted average shares outstanding – basic

  44,026,813   43,803,243 

Effect of dilutive securities:

        

Stock options and other awards

  -   - 

Weighted average shares outstanding – diluted

  44,026,813   43,803,243 
         

Basic loss per share

 $(0.47) $(0.41)

Diluted loss per share

 $(0.47) $(0.41)

 

The calculation of diluted earnings per share in the three months ended March 31, 2026 and 2025, excludes the effect of incremental shares from the unvested RSUs and options to purchase the Company’s stock, as their inclusion would be anti-dilutive due to the reported net loss. Certain options to purchase the Company's common stock were not included in the computation of diluted earnings per share for the three months ended March 31, 2026 and 2025 because they were anti-dilutive in the period. The weighted number of options excluded was 130,000 and 40,000, respectively.