Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings per share in the table below, for the three and nine month periods ended September 30, 2023 and 2022 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.


	Three Months Ended
(In thousands, except share and per share data)	9/30/2023		9/30/2022
Basic
Net (loss) income available to common shareholders	$	(33,354)	$	21,340
Less: income attributable to unvested stock-based compensation awards	(8)		(66)
Net earnings allocated to common shareholders	(33,362)		21,274

Weighted average shares outstanding, including unvested stock-based compensation awards	14,364,909		14,489,970

Less: average unvested stock-based compensation awards	(179,146)		(200,948)
Weighted average shares outstanding - Basic	14,185,763		14,289,022

Diluted
Net earnings allocated to common shareholders	(33,362)		21,274

Weighted average shares outstanding - Basic	14,185,763		14,289,022

Plus: incremental shares from assumed conversion of stock-based compensation awards	38,985		78,127
Weighted average shares outstanding - Diluted	14,224,748		14,367,149

Basic EPS	$	(2.35)	$	1.49
Diluted EPS	$	(2.35)	$	1.48

Stock-based compensation awards representing 53,490 and 369 of common shares during the three months ended September 30, 2023 and 2022, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.


	Nine Months Ended
(In thousands, except share and per share data)	9/30/2023		9/30/2022
Basic
Net (loss) income available to common shareholders	$	(5,498)	$	65,482
Less: income attributable to unvested stock-based compensation awards	(34)		(209)
Net earnings allocated to common shareholders	(5,532)		65,273

Weighted average shares outstanding, including unvested stock-based compensation awards	14,461,819		14,541,772

Less: unvested stock-based compensation awards	(186,890)		(206,738)
Weighted average shares outstanding - Basic	14,274,929		14,335,034

Diluted
Net earnings allocated to common shareholders	(5,532)		65,273

Weighted average shares outstanding - Basic	14,274,929		14,335,034

Plus: incremental shares from assumed conversion of stock-based compensation awards	44,906		75,498
Weighted average shares outstanding - Diluted	14,319,835		14,410,532

Basic EPS	$	(0.39)	$	4.55
Diluted EPS	$	(0.39)	$	4.53

Stock-based compensation awards representing approximately 39,266 and 4,719 of common shares during the nine months ended September 30, 2023 and 2022, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.