Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings per Common Share

Schedule of computation of earnings per share

The following table summarizes the computation of earnings per share for the three and nine months ended September 30, 2023 and September 30, 2022.

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Earnings (Loss) per common share - basic:
Income (Loss) available to common shareholders (in thousands):
Net income (loss)	$	(10,137)	$	8,045	$	656	$	23,601
Less: Income attributable to unvested restricted stock awards		—		(33)		(2)		(103)
Net income (loss) available to common shareholders	$	(10,137)	$	8,012	$	654	$	23,498
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,126,114		14,047,746		14,174,804		13,963,307
Less: Unvested restricted stock		(46,088)		(58,332)		(48,282)		(60,983)
Weighted-average common shares outstanding - basic		14,080,026		13,989,414		14,126,522		13,902,324
Earnings (Loss) per common share - basic	$	(0.72)	$	0.57	$	0.05	$	1.69
Earnings (Loss) per common share - diluted:
Income (loss) available to common shareholders (in thousands):
Net income (loss)	$	(10,137)	$	8,045	$	656	$	23,601
Less: Income attributable to unvested restricted stock awards		—		(33)		(2)		(103)
Net income (loss) available to common shareholders	$	(10,137)	$	8,012	$	654	$	23,498
Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock		14,126,114		14,047,746		14,174,804		13,963,307
Less: Unvested restricted stock		(46,088)		(58,332)		(48,282)		(60,983)
Plus: Effect of dilutive options		—		118,872		72,656		163,563
Weighted-average common shares outstanding - diluted		14,080,026		14,108,286		14,199,179		14,065,887
Earnings (Loss) per common share - diluted	$	(0.72)	$	0.57	$	0.05	$	1.67