EARNINGS (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2021

The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three and six months ended June 30, 2021:



	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net income	$	18,870	$	180		$	33,109	$	316
Less: Income allocated to participating securities	—		—			(121)		(1)

Less: preferred stock dividends	(1,711)		(16)			(4,822)		(46)
Less: preferred stock redemption	—		—			(3,315)		(32)


Net income allocated to common stockholders	$	17,159	$	164		$	24,851	$	237

Weighted average common shares outstanding	50,172,865		477,321			50,024,048		477,321
Dilutive effects of restricted shares/units	238,008		—			302,848		—

Dilutive effects of stock options	4,008		—			6,068		—

Average shares and dilutive common shares	50,414,881		477,321			50,332,964		477,321




Basic earnings per common share	$	0.34	$	0.34		$	0.50	$	0.50



Diluted earnings per common share	$	0.34	$	0.34		$	0.49	$	0.50

For the three and six months ended June 30, 2021, there were 218,829 and 134,037 of restricted shares/units and no stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.

During the first quarter of 2021 all of the Company's outstanding stock appreciation rights (SARs) were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, the SARs were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. After the exercise of all of the Company's outstanding SARs, there are no longer any participating securities outstanding and the net shares issued in settlement of such SARs 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 and six months ended June 30, 2020:



	Three Months Ended June 30, 2020				Six Months Ended June 30, 2020
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net loss	$	(18,273)	$	(176)		$	(24,804)	$	(238)

Less: participating securities dividends	(93)		(1)			(186)		(2)
Less: preferred stock dividends	(3,409)		(33)			(6,909)		(66)
Less: preferred stock redemption	49		—			570		5


Net loss allocated to common stockholders	$	(21,726)	$	(210)		$	(31,329)	$	(301)

Weighted average common shares outstanding	49,553,598		477,321			49,770,527		477,321
Dilutive effects of stock units	—		—			—		—

Dilutive effects of stock options	—		—			—		—

Average shares and dilutive common shares	49,553,598		477,321			49,770,527		477,321




Basic loss per common share	$	(0.44)	$	(0.44)		$	(0.63)	$	(0.63)



Diluted loss per common share	$	(0.44)	$	(0.44)		$	(0.63)	$	(0.63)

For the three and six months ended June 30, 2020, there were 960,090 and 960,883 of restricted shares/units and 55,069 and 55,438 of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.