Earnings Per Share

3 Months Ended

Mar. 31, 2023

13.

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:


	Quarters Ended March 31,
(Dollars in thousands, except share and per share data)	2023		2022
Numerator:
Net income (loss)	$	2,494	$	(14,773	)
Less: preferred stock distributions		110		110
Net income (loss) available to common shareholders	$	2,384	$	(14,883	)

Denominator:
Weighted average shares for basic earnings per share		13,670,732		14,514,950
Non-vested restricted stock units		103,407		—
Options		155,007		—
Weighted average shares for diluted earnings per share (1)		13,929,146		14,514,950

Earnings per share - Basic	$	0.17	$	(1.03	)
Earnings per share - Diluted	$	0.17	$	(1.03	)

(1)

For the quarter ended March 31, 2022, “weighted average shares outstanding – basic” was used to calculate “diluted earnings per share” due to a net loss in this period.

If the Company had not incurred a loss in the quarter ended March 31, 2022, 14,701,350 weighted average shares 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 quarter ended March 31, 2022 would have included 91,435 shares of non-vested restricted stock units and 94,965 share equivalents for options.

The weighted average shares outstanding used to determine dilutive earnings per share does not include 346,667 shares and 393,333 shares for the quarters ended March 31, 2023 and 2022, respectively, which were deemed to be anti-dilutive.