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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Quarters Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in thousands, except share and per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(15,170

)

 

$

6,721

 

 

$

(22,197

)

 

$

40,984

 

Less: preferred stock distributions

 

 

42

 

 

 

—

 

 

 

42

 

 

 

—

 

Net income (loss) available to common shareholders

 

$

(15,212

)

 

$

6,721

 

 

$

(22,239

)

 

$

40,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

14,304,426

 

 

 

14,202,859

 

 

 

14,276,594

 

 

 

14,181,530

 

Non-vested restricted stock

 

 

—

 

 

 

23,059

 

 

 

—

 

 

 

19,201

 

Non-vested restricted stock units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,954

 

Options

 

 

—

 

 

 

101,839

 

 

 

—

 

 

 

125,176

 

Weighted average shares for diluted earnings per share (1)

 

 

14,304,426

 

 

 

14,327,757

 

 

 

14,276,594

 

 

 

14,328,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

(1.06

)

 

$

0.47

 

 

$

(1.56

)

 

$

2.89

 

Earnings per share - Diluted

 

$

(1.06

)

 

$

0.47

 

 

$

(1.56

)

 

$

2.86

 

 

(1)

For the quarter and nine months ended September 30, 2020, weighted average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for these periods.