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.