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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 14. 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 September 30, |  |  | Nine Months Ended September 30, |
(Dollars in thousands, except share and per share data) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,700 |  |  | $ | 23,746 |  |  | $ | 19,531 |  |  | $ | (3,189 | )
Less: preferred stock distributions |  |  | 110 |  |  |  | 110 |  |  |  | 330 |  |  |  | 330 |
Net income (loss) available to common shareholders |  | $ | 7,590 |  |  | $ | 23,636 |  |  | $ | 19,201 |  |  | $ | (3,519 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares for basic earnings per share |  |  | 13,522,874 |  |  |  | 14,589,797 |  |  |  | 13,556,665 |  |  |  | 14,549,601 |
Non-vested restricted stock units |  |  | 65,609 |  |  |  | 119,469 |  |  |  | 57,721 |  |  |  | — |
Options |  |  | 225,962 |  |  |  | 86,696 |  |  |  | 184,490 |  |  |  | — |
Weighted average shares for diluted earnings per share (1) |  |  | 13,814,445 |  |  |  | 14,795,962 |  |  |  | 13,798,876 |  |  |  | 14,549,601 |
Earnings per share - Basic |  | $ | 0.56 |  |  | $ | 1.62 |  |  | $ | 1.42 |  |  | $ | (0.24 | )
Earnings per share - Diluted |  | $ | 0.55 |  |  | $ | 1.60 |  |  | $ | 1.39 |  |  | $ | (0.24 | )
(1) For the nine months ended September 30, 2022, “weighted average shares outstanding – basic” was used to calculate “diluted earnings per share” due to a net loss for the period. If the Company had not incurred a loss in the nine months ended September 30, 2022, 14,748,967 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 nine months ended September 30, 2022 would have included 107,005 shares of non-vested restricted stock units and 92,360 share equivalents for options. The weighted average shares outstanding used to determine dilutive earnings per share does not include 300,000 shares for the quarter ended September 30, 2023 and 346,667 shares for the nine months ended September 30, 2023, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share does not includ e 393,333 shares for both the quarter and nine months ended September 30, 2022, which were deemed to be anti-dilutive.

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