Earnings Per Share

12 Months Ended

Dec. 31, 2022

21.

Earnings Per Share

Earnings per share have been computed using the weighted average number of common shares and common share equivalents outstanding during the period.

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


	Years Ended December 31,
(Dollars in thousands, except share and per share data)	2022			2021		2020
Numerator:
Net income (loss)	$	(850	)	$	29,354	$	(21,006	)
Less: preferred stock distributions		440			440		152
Net income (loss) available to common shareholders	$	(1,290	)	$	28,914	$	(21,158	)

Denominator:
Weighted average shares for basic earnings per share		14,482,164			14,426,739		14,291,265
Non-vested restricted stock		—			11,016		—
Non-vested restricted stock units		—			120,936		—
Options		—			105,639		—
Weighted average shares for diluted earnings per share (1)		14,482,164			14,664,330		14,291,265

Earnings per share - Basic	$	(0.09	)	$	2.00	$	(1.48	)
Earnings per share - Diluted	$	(0.09	)	$	1.97	$	(1.48	)

(1)

For the years ended December 31, 2022 and 2020, “weighted average shares outstanding – basic” was used to calculate “diluted earnings per share” due to a net loss for these periods.

If the Company had not incurred a loss in the years ended December 31, 2022 and 2020, 14,644,274 and 14,458,008 weighted average shares, respectively, would have been used to compute the diluted loss per share calculation. In addition to the basic shares, weighted average shares for the diluted calculation for the years ended December 31, 2022 and 2020 would have included 0 and 17,470 shares of non-vested restricted stock, respectively, 74,987 and 57,456 restricted stock units, respectively, and 87,124 and 91,816 share equivalents for options, respectively.

The weighted average shares outstanding used to determine dilutive earnings per share for the years ended December 31, 2022, 2021, and 2020 does not include 346,667, 393,333, and 700,000 options, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the year ended December 31, 2020 does not include 66,957 restricted stock units which were deemed to be anti-dilutive. There were no restricted stock units which were deemed to be anti-dilutive for the years ended December 31, 2022 and 2021.