Income (loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Computation of Basic and Diluted Net Income (Loss) Per Common Share

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net income (loss)	$	23,670		$	(365	)	$	10,391		$	(19,817	)
Adjustments for basic net income (loss) per common share:
Dividend requirements on Series E Redeemable Preferred		(10,213	)		(8,689	)		(19,724	)		(16,996	)
Dividend requirements on Series B Preferred		(60	)		(60	)		(120	)		(120	)
Dividend requirements on Series D Preferred		(15	)		(15	)		(30	)		(30	)
Accretion of Series E Redeemable Preferred		(513	)		(505	)		(1,024	)		(1,009	)
Net income attributable to participating securities		(223	)		—			—			—
Numerator for basic net income (loss) per common share - net income (loss) attributable to common stockholders	$	12,646		$	(9,634	)	$	(10,507	)	$	(37,972	)
Dividends on Series B and Series D Preferred assumed to be converted, if dilutive		75			—			—			—
Numerator for diluted net income (loss) per common share	$	12,721		$	(9,634	)	$	(10,507	)	$	(37,972	)

Denominator:
Denominator for basic net income (loss) per common share - weighted- average shares (1)		28,485,251			28,198,963			28,414,863			28,187,584
Effect of dilutive securities:
Convertible preferred stocks		916,666			—			—			—
Unvested restricted stock and stock units		741,784			—			—
Dilutive potential common shares		1,658,450			—			—			—

Denominator for diluted net income (loss) per common share - adjusted weighted-average shares		30,143,701			28,198,963			28,414,863			28,187,584

Basic net income (loss) per common share	$	0.44		$	(0.34	)	$	(0.37	)	$	(1.35	)

Diluted net income (loss) per common share	$	0.42		$	(0.34	)	$	(0.37	)	$	(1.35	)

(1)

Excludes the weighted-average shares of unvested restricted stock that are contingently issuable.

Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Common Share

The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Restricted stock and stock units		—		1,308,881		1,662,514		1,257,869
Convertible preferred stocks		—		916,666		916,666		916,666
Series E Redeemable Preferred - embedded derivative		303,646		303,646		303,646		303,646
Stock options		66,431		124,000		79,547		124,000
		370,077		2,653,193		2,962,373		2,602,181