Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Reconciliation of the basic and diluted earnings per share

Earnings per share is based on the weighted average number of shares outstanding for the year. A reconciliation of the basic and diluted earnings per share is as follows:

	Year ended		Three months ended		Year ended
	December 31, 2019		December 31, 2018		September 30, 2018
Basic
Net income attributable to common shareholders	$	9,463	$	1,261	$	4,283
Weighted average common shares outstanding (1)	11,114,328		10,942,920		5,943,891
Basic earnings per share	$	0.85	$	0.12	$	0.72
Diluted
Net income attributable to common shareholders	$	9,463	$	1,261	$	4,283
Weighted average common shares outstanding (1)	11,114,328		10,942,920		5,943,891
Add: Dilutive preferred shares impact prior to common stock conversion (2)	—		—		1,356,164
Add: Dilutive stock options outstanding	6,961		24,466		35,192
Average shares and dilutive potential common shares (1)(2)	11,121,289		10,967,386		7,335,247
Diluted earnings per share	$	0.85	$	0.12	$	0.58
Additional common stock option shares that have not been included due to their antidilutive effect	26,200		28,000		—

(1) On September 28, 2018, 500,000 shares of Series A Preferred Stock was mandatorily converted into 10 Shares of Common Stock following receipt of stockholder approval, resulting in the issuance of 5,000,000 shares of common stock, which impacts basic and diluted earnings per share.

(2) On June 20, 2018, the Company entered into a Securities Purchase Agreement, pursuant to which the Company sold an aggregate of 500,000 shares of Series A Preferred Stock in a private placement at $130.00 per share, for aggregate gross proceeds of $65 million, which had an impact on diluted earnings per share.