Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings per common share is calculated by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net (loss) income available to common stockholders is net (loss) income adjusted for preferred stock dividends declared. Diluted earnings per common share is calculated by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock and option awards. The table below reflects the calculation of earnings per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share (in thousands, expect per share amounts).


	Three Months Ended March 31,
		2023		2022
	(Unaudited)
Earnings per common share
Net (loss) income		$	(5,740)	$	5,333
Preferred Stock Dividend		1,457		—
Net (loss) income available to common shareholders		$	(7,197)	$	5,333
Basic weighted average shares outstanding		18,982		18,805
(Loss) earnings per common share		$	(0.38)	$	0.28

Diluted earnings per common share
Net (loss) income available to common shareholders		$	(7,197)	$	5,333
Basic weighted average shares outstanding		18,982		18,805
Effect of dilutive restricted stock and options		90		74
Diluted weighted average shares outstanding		19,072		18,879
Diluted (loss) earnings per common share		$	(0.38)	$	0.28

The table below reflects a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per share because the effect would have been antidilutive (in thousands).


	Three Months Ended March 31,
		2023	2022
	(Unaudited)
Antidilutive securities:
Stock options		136	103
Restricted shares		666	173
Total antidilutive securities		802	276