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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents computations of basic and diluted earnings per common share for the three and nine months ended September 30, 2019:
|  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  | Total |  | Common Stock |  | Class B Common Stock |  | Total
(Loss) income from continuing operations |  | $ | (13,999 | ) |  | $ | (133 | ) |  | $ | (14,132 | ) |  | $ | 9,398 |  |  | $ | 89 |  |  | $ | 9,487 |
Less: (loss) income allocated to participating securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Less: participating securities dividends |  | (93 | ) |  | (1 | ) |  | (94 | ) |  | (386 | ) |  | (4 | ) |  | (390 | )
Less: preferred stock dividends |  | (3,371 | ) |  | (32 | ) |  | (3,403 | ) |  | (11,906 | ) |  | (113 | ) |  | (12,019 | )
Less: preferred stock redemption |  | (5,045 | ) |  | (48 | ) |  | (5,093 | ) |  | (5,045 | ) |  | (48 | ) |  | (5,093 | )
Net loss allocated to common stockholders |  | $ | (22,508 | ) |  | $ | (214 | ) |  | $ | (22,722 | ) |  | $ | (7,939 | ) |  | $ | (76 | ) |  | $ | (8,015 | )
Weighted average common shares outstanding |  | 50,404,906 |  |  | 477,321 |  |  | 50,882,227 |  |  | 50,327,108 |  |  | 477,321 |  |  | 50,804,429 |
Dilutive effects of restricted shares/units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Dilutive effects of stock options |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Average shares and dilutive common shares |  | 50,404,906 |  |  | 477,321 |  |  | 50,882,227 |  |  | 50,327,108 |  |  | 477,321 |  |  | 50,804,429 |
Basic loss per common share |  | $ | (0.45 | ) |  | $ | (0.45 | ) |  | $ | (0.45 | ) |  | $ | (0.16 | ) |  | $ | (0.16 | ) |  | $ | (0.16 | )
Diluted loss per common share |  | $ | (0.45 | ) |  | $ | (0.45 | ) |  | $ | (0.45 | ) |  | $ | (0.16 | ) |  | $ | (0.16 | ) |  | $ | (0.16 | )
For the three and nine months ended September 30, 2019, there were 1,062,826 and 967,376, respectively, of restricted shares/units and 60,956 and 127,212, respectively, of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive. The following table presents computations of basic and diluted EPS for the three and nine months ended September 30, 2018:
|  | Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
($ in thousands except per share data) |  | Common Stock |  | Class B Common Stock |  | Total |  | Common Stock |  | Class B Common Stock |  | Total
Income from continuing operations |  | $ | 10,330 |  |  | $ | 98 |  |  | $ | 10,428 |  |  | $ | 31,043 |  |  | $ | 313 |  |  | $ | 31,356 |
Less: participating securities dividends |  | (200 | ) |  | (2 | ) |  | (202 | ) |  | (602 | ) |  | (6 | ) |  | (608 | )
Less: preferred stock dividends |  | (4,923 | ) |  | (47 | ) |  | (4,970 | ) |  | (15,044 | ) |  | (152 | ) |  | (15,196 | )
Less: preferred stock redemption |  | (2,285 | ) |  | (22 | ) |  | (2,307 | ) |  | (2,284 | ) |  | (23 | ) |  | (2,307 | )
Income from continuing operations allocated to common stockholders |  | 2,922 |  |  | 27 |  |  | 2,949 |  |  | 13,113 |  |  | 132 |  |  | 13,245 |
Income from discontinued operations |  | 662 |  |  | 6 |  |  | 668 |  |  | 3,047 |  |  | 31 |  |  | 3,078 |
Net income allocated to common stockholders |  | $ | 3,584 |  |  | $ | 33 |  |  | $ | 3,617 |  |  | $ | 16,160 |  |  | $ | 163 |  |  | $ | 16,323 |
Weighted average common shares outstanding |  | 50,179,555 |  |  | 476,521 |  |  | 50,656,076 |  |  | 50,108,501 |  |  | 505,089 |  |  | 50,613,590 |
Dilutive effects of stock units |  | 195,508 |  |  | — |  |  | 195,508 |  |  | 140,200 |  |  | — |  |  | 140,200 |
Dilutive effects of stock options |  | 47,068 |  |  | — |  |  | 47,068 |  |  | 44,856 |  |  | — |  |  | 44,856 |
Dilutive effects of warrants |  | 812 |  |  | — |  |  | 812 |  |  | 74,356 |  |  | — |  |  | 74,356 |
Average shares and dilutive common shares |  | 50,422,943 |  |  | 476,521 |  |  | 50,899,464 |  |  | 50,367,913 |  |  | 505,089 |  |  | 50,873,002 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.26 |
Income from discontinued operations |  | 0.01 |  |  | 0.01 |  |  | 0.01 |  |  | 0.06 |  |  | 0.06 |  |  | 0.06 |
Net income |  | $ | 0.07 |  |  | $ | 0.07 |  |  | $ | 0.07 |  |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 0.32 |
Diluted earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.26 |
Income from discontinued operations |  | 0.01 |  |  | 0.01 |  |  | 0.01 |  |  | 0.06 |  |  | 0.06 |  |  | 0.06 |
Net income |  | $ | 0.07 |  |  | $ | 0.07 |  |  | $ | 0.07 |  |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 0.32 |
For the three and nine months ended September 30, 2018, there were 17,495 and 279,249, respectively, of stock units that were not considered in computing diluted earnings per common share, because they were anti-dilutive. There were no stock options that were anti-dilutive during the three and nine months ended September 30, 2018.

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