Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except per share and share amounts):

	Three Months Ended March 31,
	2024		2023
Net income (loss)	$	231	$	1,001
Preferred stock dividends		157		—
Net income (loss) allocable to common shareholders	$	74	$	1,001
Weighted average common shares, basic and diluted *		12,222,881		12,215,849
Earnings (loss) per common share, basic and diluted	$	0.01	$	0.08

* The preferred shares that may be convertible into a total of 4,000,000 common shares were anti-dilutive and thus did not impact the diluted earnings per share calculation. There were no unvested restricted stock units as of March 31, 2024. The non-vested shares of stock options were anti-dilutive as of March 31, 2024. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2024 and March 31, 2023.