Annual report pursuant to Section 13 and 15(d)

Earning (Loss) Per Share

v3.22.1
Earning (Loss) Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earning (Loss) Per Share Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share:
 (in thousands, except per share data) 2021
2020(a)
Numerator:    
Net earnings (loss) $ 20,245  $ (27,267)
Denominator:    
Denominator for basic earnings (loss) per share - weighted average shares 9,340  9,140 
Effect of dilutive securities:    
Employee stock options and stock grants 116  — 
Denominator for diluted earnings (loss) per share - weighted average shares 9,456  9,140 
Net earnings (loss) per share:    
Basic $ 2.17  $ (2.98)
Diluted $ 2.14  $ (2.98)
(a)As discussed in Note 9, the Company distributed subscription rights to holders of common stock, which were priced at a discount to the market value, to acquire additional common shares. The Rights Offering, because of the discount, contains a bonus element that is similar to a stock dividend. As such, the basic and diluted EPS has been retroactively adjusted for the bonus element for all prior periods presented.
The diluted earnings per share calculations exclude the effect of potentially dilutive shares when the inclusion of those shares in the calculation would have an anti-dilutive effect. The Company had 0.1 million and 0.2 million shares of common stock that were anti-dilutive in 2021 and 2020, respectivel