EARNINGS (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2021

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



	Three Months Ended September 30, 2021				Nine Months Ended September 30, 2021
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net income	$	22,953	$	217		$	56,061	$	534
Less: Income allocated to participating securities	—		—			(158)		(2)

Less: preferred stock dividends	(1,711)		(16)			(6,533)		(62)
Less: preferred stock redemption	—		—			(3,315)		(32)


Net income allocated to common stockholders	$	21,242	$	201		$	46,055	$	438

Weighted average common shares outstanding	50,239,359		477,321			50,096,607		477,321
Dilutive effects of restricted shares/units	188,850		—			242,803		—

Dilutive effects of stock options	3,787		—			5,241		—

Average shares and dilutive common shares	50,431,996		477,321			50,344,651		477,321




Basic earnings per common share	$	0.42	$	0.42		$	0.92	$	0.92



Diluted earnings per common share	$	0.42	$	0.42		$	0.91	$	0.92

For the three and nine months ended September 30, 2021, there were 206,035 and 194,615 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 nine months ended September 30, 2020:



	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net loss	$	15,761	$	152		$	(9,043)	$	(86)
Less: income allocated to participating securities	(278)		(3)			—		—
Less: participating securities dividends	(93)		(1)			(279)		(3)
Less: preferred stock dividends	(3,414)		(33)			(10,323)		(99)
Less: preferred stock redemption	(7)		—			563		5


Net loss allocated to common stockholders	$	11,969	$	115		$	(19,082)	$	(183)

Weighted average common shares outstanding	49,631,334		477,321			49,723,791		477,321
Dilutive effects of stock units	82,278		—			—		—

Dilutive effects of stock options	—		—			—		—

Average shares and dilutive common shares	49,713,612		477,321			49,723,791		477,321




Basic earnings (loss) per common share	$	0.24	$	0.24		$	(0.38)	$	(0.38)



Diluted earnings (loss) per common share	$	0.24	$	0.24		$	(0.38)	$	(0.38)

For the three and nine months ended September 30, 2020, there were 643,901 and 938,526 of restricted shares/units and 55,069 and 55,314 of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.