EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2019

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.