EARNINGS (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2021

The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2021:



	Three Months Ended March 31, 2021
($ in thousands except per share data)	Common Stock		Class B Common Stock
Net income	$	14,239	$	136
Less: Income allocated to participating securities	(61)		(1)

Less: preferred stock dividends	(3,111)		(30)
Less: preferred stock redemption	(3,316)		(31)


Net income allocated to common stockholders	$	7,751	$	74

Weighted average common shares outstanding	49,873,576		477,321
Dilutive effects of restricted shares/units	391,206		—

Dilutive effects of stock options	8,419		—

Average shares and dilutive common shares	50,273,201		477,321




Basic earnings per common share	$	0.16	$	0.16



Diluted earnings per common share	$	0.15	$	0.15

For the three months ended March 31, 2021, there were 56,839 of restricted shares/units and zero stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.

During the three months ended March 31, 2021 all outstanding stock appreciation rights were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, stock appreciation rights were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. Subsequent to this exercise, there are no longer any participating securities and the net shares issued are included in the computation of average common shares for both basic and diluted earnings per share.

The following table presents computations of basic and diluted EPS for the three months ended March 31, 2020:



	Three Months Ended March 31, 2020
($ in thousands except per share data)	Common Stock		Class B Common Stock
Net loss	$	(6,531)	$	(62)

Less: participating securities dividends	(93)		(1)
Less: preferred stock dividends	(3,500)		(33)
Less: preferred stock redemption	521		5


Net loss allocated to common stockholders	$	(9,603)	$	(91)

Weighted average common shares outstanding	49,987,456		477,321
Dilutive effects of stock units	—		—

Dilutive effects of stock options	—		—

Average shares and dilutive common shares	49,987,456		477,321




Basic loss per common share	$	(0.19)	$	(0.19)



Diluted loss per common share	$	(0.19)	$	(0.19)

For the three months ended March 31, 2020, there were 962,566 of restricted shares/units and 55,806 of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.