Earnings Per Share

6 Months Ended

Jun. 30, 2023

Basic earnings per common share is computed by dividing net income, less preferred stock dividends and accretion of preferred stock issuance costs, by the weighted average number of common shares outstanding for the period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share attributable to common stockholders is computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive securities are common stock equivalents that are freely exercisable into common stock at less than market prices or otherwise dilute earnings if converted. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the vesting of restricted stock using the treasury stock method. Common stock equivalents are not included in diluted earnings per share when their inclusion is antidilutive. Additionally, redeemable preferred stock is not convertible and does not affect dilutive shares.

There were no anti-dilutive shares for the three and six months ended June 30, 2023. There were no anti-dilutive shares excluded from the computation of diluted weighted average earnings per share for the three months ended June 30, 2022. There were 0.2 million anti-dilutive shares excluded from the computation of diluted weighted average loss per share for the six months ended June 30, 2022.

The following table presents the calculation of basic and diluted income (loss) per share (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net income (loss) attributable to common shareholders	$	12,984	$	5,076	$	16,556	$	(16,947)

Basic weighted average common shares outstanding	6,354		6,129		6,239		6,040
Potentially dilutive common shares	88		117		210		—
Diluted weighted average common shares outstanding	6,442		6,246		6,449		6,040

Basic weighted average income (loss) per common share	$	2.04	$	0.83	$	2.65	$	(2.81)
Diluted weighted average income (loss) per common share	$	2.02	$	0.81	$	2.57	$	(2.81)