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Earnings Per Common Share ("EPS") | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Common Share ("EPS") | (2.) EARNINGS PER COMMON SHARE (“EPS”) The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. There were no participating securities outstanding for the three months ended March 31, 2025 and 2024. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the periods presented.
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Net income available to common shareholders |  | $ | 16,513 |  |  | $ | 1,705 |
Weighted average common shares outstanding: |  |  |  |  |  |
Total shares issued |  |  | 20,700 |  |  |  | 16,100 |
Unvested restricted stock awards |  |  | (10 | ) |  |  | (10 | )
Treasury shares |  |  | (617 | ) |  |  | (687 | )
Total basic weighted average common shares outstanding |  |  | 20,073 |  |  |  | 15,403 |
Incremental shares from assumed: |  |  |  |  |  |
Vesting of restricted stock awards |  |  | 212 |  |  |  | 140 |
Total diluted weighted average common shares outstanding |  |  | 20,285 |  |  |  | 15,543 |
Basic earnings per common share |  | $ | 0.82 |  |  | $ | 0.11 |
Diluted earnings per common share |  | $ | 0.81 |  |  | $ | 0.11 |
On December 13, 2024, the Company completed an underwritten public offering of 4,600,000 common shares at $25.00 per share. For the three months ended March 31, 2025 and 2024, no average shares were excluded from the computation of diluted EPS because the effect would be antidilutive.

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