Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,					Six Months Ended June 30,
(Dollars in thousands, except share and per share data)	2023		2022			2023		2022
Numerator:
Net income (loss)	$	9,337	$	(12,162	)	$	11,831	$	(26,935	)
Less: preferred stock distributions		110		110			220		220
Net income (loss) available to common shareholders	$	9,227	$	(12,272	)	$	11,611	$	(27,155	)

Denominator:
Weighted average shares for basic earnings per share		13,478,014		14,543,234			13,573,841		14,529,170
Non-vested restricted stock units		61,579		—			58,571		—
Options		168,391		—			161,809		—
Weighted average shares for diluted earnings per share (1)		13,707,984		14,543,234			13,794,221		14,529,170

Earnings per share - Basic	$	0.68	$	(0.84	)	$	0.86	$	(1.87	)
Earnings per share - Diluted	$	0.67	$	(0.84	)	$	0.84	$	(1.87	)

(1)

For the quarter and six months ended June 30, 2022, “weighted average shares outstanding – basic” was used to calculate “diluted earnings per share” due to a net loss in each period.

If the Company had not incurred a loss in the quarter ended June 30, 2022, 14,749,370 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 June 30, 2022 would have included 110,417 shares of non-vested restricted stock units and 95,719 share equivalents for options.

If the Company had not incurred a loss in the six months ended June 30, 2022, 14,728,182 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 six months ended June 30, 2022 would have included 103,670 shares of non-vested restricted stock units and 95,342 share equivalents for options.

The weighted average shares outstanding used to determine dilutive earnings per share does not include 346,667 shares for both the quarter and six months ended June 30, 2023 and 393,333 shares for both the quarter and six months ended June 30, 2022, which were deemed to be anti-dilutive.