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12.
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Earnings (Loss) per Share
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The following is the computation of earnings (loss) per basic and diluted share:
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Three Months Ended June 30,
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Six Months Ended June 30,
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(in thousands, except share and per share data)
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2023
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2022
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2023
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2022
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Numerator:
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Net earnings (loss) attributable to common shareholders
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$ |
5 |
|
|
$ |
(75 |
) |
|
$ |
(249 |
) |
|
$ |
(92 |
) |
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Add: After tax effect of convertible notes interest
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|
|
4 |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
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Net earnings (loss) attributable for dilutive securities
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$ |
9 |
|
|
$ |
(75 |
) |
|
$ |
(237 |
) |
|
$ |
(92 |
) |
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Denominator:
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Weighted average number of common shares - basic
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493,968 |
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657,084 |
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493,968 |
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657,084 |
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Dilutive effect of:
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|
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Shares issuable upon conversion of convertible notes payable
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|
- |
|
|
|
- |
|
|
|
- |
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|
- |
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Shares issuable upon conversion of 95,226 Class A Preferred Shares
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|
- |
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|
- |
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|
- |
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|
- |
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Shares issuable upon conversion of 231,944 Class C Preferred Shares
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|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
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Weighted average number of common shares - dilutive
|
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493,968 |
|
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657,084 |
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|
493,968 |
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|
657,084 |
|
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Basic loss per common share:
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|
|
|
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Net loss available to common shareholders
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$ |
0.01 |
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$ |
(0.11 |
) |
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$ |
(0.50 |
) |
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$ |
(0.14 |
) |
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Diluted loss per common share:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss available to common shareholders
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$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.14 |
) |
In periods when we incur a net loss, the computation of diluted earnings per share for each of the periods above excludes shares issuable upon conversion of the Company’s Class A Preferred Shares, Class C Preferred Shares and convertible notes payable because the effect of the conversions would be anti-dilutive. Similarly, outstanding options and restricted Common Shares were not included in the computation of diluted earnings per share for each of the periods above because they would be anti-dilutive.
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