XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Common Share
EARNINGS PER COMMON SHARE
 
The following table is a summary of computation of earnings per common share based on the weighted average number of common shares outstanding (dollars in thousands, except per share amounts):
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Net (loss) income
 
$
(4,898
)
 
$
1,666

 
$
(5,207
)
 
$
(1,257
)
Dividends on preferred stock
 
810

 
810

 
2,430

 
2,432

Adjusted net loss available to common shareholders
 
$
(5,708
)
 
$
856

 
$
(7,637
)
 
$
(3,689
)
Weighted average number of common shares outstanding used in computation of basic loss per common share
 
16,558

 
16,395

 
16,531

 
13,314

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
—

 
1

 
—

 
—

Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted loss per share
 
16,558

 
16,396

 
16,531

 
13,314

Net (loss)/income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.34
)
 
$
0.05

 
$
(0.46
)
 
$
(0.28
)
Diluted
 
$
(0.34
)
 
$
0.05

 
$
(0.46
)
 
$
(0.28
)


The Company has reported a net loss for the three and nine months ended September 30, 2018 as well as the nine months ended September 30, 2017. As such, during those periods all potential common shares were excluded from the calculation of diluted earnings per share as they would have an anti-dilutive effect for the respective period.