InfuSystem Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings (Loss) Per ShareBasic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted income (loss) per share computations:


	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator (in thousands):	2023		2022		2023		2022
Net income (loss):	$	689	$	443	$	800	$	(89)
Denominator:
Weighted average common shares outstanding:
Basic	21,095,404		20,683,366		20,968,711		20,625,826
Dilutive effect of common stock equivalents	624,000		769,117		646,995		—
Diluted	21,719,404		21,452,483		21,615,706		20,625,826
Net income (loss) per share:
Basic	$	0.03	$	0.02	$	0.04	$	—
Diluted	$	0.03	$	0.02	$	0.04	$	—

For the three and nine months ended September 30, 2023, there were 1,073,143 and 912,833, respectively, of outstanding options and unvested restricted stock units with an exercise price above the current market value of the Company's common stock that were not included in the calculation because they would have an anti-dilutive effect. For the three months ended September 30, 2022, there were 1,143,001 of outstanding options and unvested restricted stock units with an exercise price above the current market value of the Company's common stock that were not included in the calculation because they would have an anti-dilutive effect. For the nine months ended September 30, 2022, all outstanding options and unvested restricted stock units were anti-dilutive due to the Company's net losses for the period and therefore not included in the calculation.

Share Repurchase Program

On June 30, 2021, our Board of Directors approved a stock repurchase program (the “Share Repurchase Program”) that authorizes the Company to repurchase up to $20.0 million of the Company’s outstanding common stock through June 30, 2024. Repurchases under the Share Repurchase Program are subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the Company’s existing 2021 Credit Agreement, as amended. Repurchases under the Share Repurchase Program may take place in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. The Share Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time at the discretion of the Board. As of September 30, 2023, the Company had repurchased and retired approximately $6.2 million, or 553,149 shares, of the Company's outstanding common stock under the Share Repurchase Program.