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Summary Of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2020
Summary Of Significant Accounting Policies [Abstract]  
Earnings Per Common Share



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Nine months ended



 

September 30,

 

September 30,



 

2020

 

2019

 

2020

 

2019



 

(unaudited)

 

(unaudited)

Basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 10,186 

 

$

 2,617 

 

$

 22,260 

 

$

 6,578 

Accretion of discount and value of warrants exercised related to Series B preferred stock (1)

 

 

-  

 

 

 36 

 

 

-  

 

 

 219 

Earnings allocated to participating securities (Series C preferred stock) (2)

 

 

-  

 

 

-  

 

 

 (2,289)

 

 

-  

Net income allocated to common stockholders

 

$

 10,186 

 

$

 2,653 

 

$

 19,971 

 

$

 6,797 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding including unvested share-based payment awards

 

 

 6,563,264 

 

 

 4,488,399 

 

 

 5,907,395 

 

 

 4,419,444 

Less: Unvested share-based payment awards-2019 Plan

 

 

 (47,875)

 

 

-  

 

 

 (42,202)

 

 

-  

Average shares

 

 

 6,515,389 

 

 

 4,488,399 

 

 

 5,865,193 

 

 

 4,419,444 

Basic earnings per common share

 

$

 1.56 

 

$

 0.59 

 

$

 3.41 

 

$

 1.54 



 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings allocated to common stockholders

 

$

 10,186 

 

$

 2,653 

 

$

 19,971 

 

$

 6,797 

Add back: Preferred Dividends on Series B preferred stock and accretion of discount

 

 

-  

 

 

-  

 

 

-  

 

 

-  

Net earnings allocated to common stockholders

 

$

 10,186 

 

$

 2,653 

 

$

 19,971 

 

$

 6,797 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings per common share

 

 

 6,515,389 

 

 

 4,488,399 

 

 

 5,865,193 

 

 

 4,419,444 

Add:  Dilutive effects of assumed exercises of stock options

 

 

 33,732 

 

 

 37,050 

 

 

 28,305 

 

 

 37,067 

Add:  Dilutive effects of assumed exercises of stock warrants

 

 

-  

 

 

-  

 

 

-  

 

 

 9,262 

Add:  Dilutive effects of unvested share-based payment awards-2019 Plan

 

 

 47,875 

 

 

-  

 

 

 42,202 

 

 

 

Average shares and dilutive potential common shares

 

 

 6,596,996 

 

 

 4,525,449 

 

 

 5,935,700 

 

 

 4,465,773 

Diluted earnings per common share

 

$

 1.54 

 

$

 0.59 

 

$

 3.36 

 

$

 1.52 



(1)

All outstanding warrants expired on July 15, 2019.

(2)

All 12,607 outstanding shares of Series C preferred stock were converted into a total of 1,260,700 shares of the Company’s Non-Voting Common Stock effective as of the close of business on May 28, 2020.
Anti-Dilutive Common Shares



 

 

 

 

 

 

 



Three months ended

September 30,

 

Nine months ended

September 30,



2020

 

2019

 

2020

 

2019



(unaudited)

 

(unaudited)

Stock options

 437 

 

 451 

 

 442 

 

 467