Net Income per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income per Common Share

The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to the Company's common shares. The Company uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2020			2019		2020		2019
Net income (loss)	$	(2,272,000	)	$	209,000	$	5,689,000	$	(3,636,000	)
Less: net income allocated to participating securities	—			10,000		358,000		—
Net income (loss) available to common shareholders	(2,272,000		)	199,000		5,331,000		(3,636,000		)
Weighted average common shares outstanding — basic	7,916,000			7,822,000		7,899,000		7,786,000
Effect of dilutive securities	—			—		—		—
Weighted average common and potentially issuable common shares outstanding — diluted	7,916,000			7,822,000		7,899,000		7,786,000
Basic net income (loss) per common share	$	(0.29	)	$	0.03	$	0.67	$	(0.47	)
Diluted net income (loss) per common share	$	(0.29	)	$	0.03	$	0.67	$	(0.47	)