NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2021

NET INCOME PER COMMON SHARE [Abstract]

Reconciliation of Numerator and Denominator of Diluted Net Income Per Share Computations

The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share data)	2021			2020			2021			2020
Numerator:
Net income	$	3,839		$	3,512		$	10,754		$	2,545
Less: preferred stock dividend		(304	)		(1,074	)		(912	)		(1,074	)
Less: allocation to preferred stockholders		(582	)		(433	)		(1,629	)		(259	)
Less: allocation to restricted stockholders		(232	)		(120	)		(635	)		(65	)
Net income allocated to common stockholders	$	2,721		$	1,885		$	7,579		$	1,147
Basic income per share:
Denominator:
Weighted average common shares outstanding		25,135,381			24,821,665			25,043,357			24,720,817
Basic income per share	$	0.11		$	0.08		$	0.30		$	0.05
Diluted income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,135,381			24,821,665			25,043,357			24,720,817
Dilutive potential common shares outstanding:
Series A Preferred Stock		-			-			-			-
Unvested restricted stock		-			-			-			-
Dilutive shares outstanding		25,135,381			24,821,665			25,043,357			24,720,817
Diluted income per share	$	0.11		$	0.08		$	0.30		$	0.05

Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential weighted average shares of common stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share data)	2021		2020		2021		2020
Series A Preferred Stock		5,381,356		-		5,381,356		-
Unvested restricted stock		815,383		767,056		823,662		566,370
		6,196,739		767,056		6,205,018		566,370