Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
(Dollars in thousands, except share and per share data)	2021		2020		2021		2020
Numerator:
Net income (loss)	$	6,375	$	37,551	$	11,892	$	(7,027	)
Less: preferred stock distributions		110		—		220		—
Net income (loss) available to common shareholders	$	6,265	$	37,551	$	11,672	$	(7,027	)
Denominator:
Weighted average shares for basic earnings per share		14,412,446		14,275,500		14,396,523		14,262,525
Non-vested restricted stock		12,310		14,112		11,254		—
Non-vested restricted stock units		140,785		24,293		129,035		—
Options		116,190		75,495		114,312		—
Weighted average shares for diluted earnings per share (1)		14,681,731		14,389,400		14,651,124		14,262,525
Earnings per share - Basic	$	0.43	$	2.63	$	0.81	$	(0.49	)
Earnings per share - Diluted	$	0.43	$	2.61	$	0.80	$	(0.49	)

(1) For the six months ended June 30, 2020, weighted average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the period.

If the Company had not incurred a loss in the six months ended June 30, 2020, 14,408,907 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 for the six months ended June 30, 2020 would have included 15,195 shares of non-vested restricted stock, 29,691 shares of non-vested restricted stock units, and 101,496 share equivalents for options.    

The weighted average shares outstanding used to determine dilutive earnings per share does not include 540,000 shares and 570,332 shares for the quarters ended June 30, 2021 and 2020, respectively, and 540,000 shares and 566,957 shares for the six months ended June 30, 2021 and 2020, respectively, which were deemed to be anti-dilutive.