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Earnings Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

14.Earnings Per Share

Earnings per share have been computed using the weighted average number of common shares and common share equivalents outstanding during the period.  

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Quarters Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in thousands, except share and per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(15,170

)

 

$

6,721

 

 

$

(22,197

)

 

$

40,984

 

Less: preferred stock distributions

 

 

42

 

 

 

—

 

 

 

42

 

 

 

—

 

Net income (loss) available to common shareholders

 

$

(15,212

)

 

$

6,721

 

 

$

(22,239

)

 

$

40,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

14,304,426

 

 

 

14,202,859

 

 

 

14,276,594

 

 

 

14,181,530

 

Non-vested restricted stock

 

 

—

 

 

 

23,059

 

 

 

—

 

 

 

19,201

 

Non-vested restricted stock units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,954

 

Options

 

 

—

 

 

 

101,839

 

 

 

—

 

 

 

125,176

 

Weighted average shares for diluted earnings per share (1)

 

 

14,304,426

 

 

 

14,327,757

 

 

 

14,276,594

 

 

 

14,328,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

(1.06

)

 

$

0.47

 

 

$

(1.56

)

 

$

2.89

 

Earnings per share - Diluted

 

$

(1.06

)

 

$

0.47

 

 

$

(1.56

)

 

$

2.86

 

 

(1)

For the quarter and nine months ended September 30, 2020, weighted average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for these periods.

 

If the Company had not incurred a loss in the quarter ended September 30, 2020, 14,444,326 weighted average shares would have been used to compute the diluted loss per share calculation.  In addition to the basic shares, weighted average shares for the diluted calculation would have included 18,218 shares of non-vested restricted stock, 48,846 shares of non-vested restricted stock units, and 72,836 share equivalents for options.

 

If the Company had not incurred a loss in the nine months ended September 30, 2020, 14,421,393 weighted average shares would have been used to compute the diluted loss per share calculation.  In addition to the basic shares, weighted average shares for the diluted calculation would have included 15,366 shares of non-vested restricted stock, 36,796 shares of non-vested restricted stock units, and 92,637 share equivalents for options.

 

The weighted average shares outstanding used to determine dilutive earnings per share does not include 572,957 shares for the quarter and nine months ended September 30, 2020 and 500,000 shares for the quarter and nine months ended September 30, 2019 which were deemed to be anti-dilutive.