Annual report pursuant to Section 13 and 15(d)

NET INCOME (LOSS) PER COMMON SHARE

NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2021


	Year ended December 31,
	2021		2020		2019
	(thousands of dollars, except per share amounts)
Net Income per Common Share - Continuing Operations
Net income (loss) from continuing operations	$	4,963	$	4,966	$	(12,884)

Basic income (loss) from continuing operations per common share:
Weighted average shares outstanding	24,459		24,802		24,698
Per share amount (dollars)	$	0.20	$	0.20	$	(0.52)

Diluted income (loss) from continuing operations per common share:
Weighted average shares outstanding	25,081		25,356		24,698
Per share amount (dollars)	$	0.20	$	0.20	$	(0.52)

Weighted average shares-denominator basic computation	24,459		24,802		24,698
Unvested restricted stock unit grant	622		554		—

Weighted average shares, as adjusted denominator diluted computation	25,081		25,356		24,698

Net Income per Common Share - Discontinued Operations
Net income (loss) from discontinued operations	$	—	$	26,209	$	(2,090)

Basic income (loss) from discontinued operations per common share:
Weighted average shares outstanding	24,459		24,802		24,698
Per share amount (dollars)	$	—	$	1.06	$	(0.08)

Diluted income (loss) from discontinued operations per common share:
Weighted average shares outstanding	25,081		25,356		24,698
Per share amount (dollars)	$	—	$	1.03	$	(0.08)

Weighted average shares-denominator basic computation	24,459		24,802		24,698
Unvested restricted stock unit grant	622		554		—

Weighted average shares, as adjusted denominator diluted computation	25,081		25,356		24,698

Net Income per Common Share
Net income (loss)	$	4,963	$	31,175	$	(14,974)

Basic income (loss) per common share:
Weighted average shares outstanding	24,459		24,802		24,698
Per share amount (dollars)	$	0.20	$	1.26	$	(0.60)

Diluted income (loss) per common share:
Weighted average shares outstanding	25,081		25,356		24,698
Per share amount (dollars)	$	0.20	$	1.23	$	(0.60)

Weighted average shares-denominator basic computation	24,459		24,802		24,698
Unvested restricted stock unit grant	622		554		—
Effect of dilutive stock options	—		—		—
Weighted average shares, as adjusted denominator diluted computation	25,081		25,356		24,698

At December 31, 2021, 2020, and 2019, 0.5 million, 0.5 million and 0.5 million potential common stock shares, respectively, were issuable upon the exercise of options and warrants. At December 31, 2021, the Company had 0.5 million stock options that were not included in the computation of diluted earnings per share because such options would be anti-dilutive.