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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
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:

 

 

 

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.