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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.