Earnings Per Share

12 Months Ended

Dec. 31, 2024

20.

Earnings Per Share

Earnings per share was 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)	2024		2023		2022
Numerator:
Net income (loss)	$	43,241	$	25,429	$	(850	)
Less: preferred stock distributions		440		440		440
Net income (loss) available to common shareholders	$	42,801	$	24,989	$	(1,290	)

Denominator:
Weighted average shares for basic earnings per share		13,635,582		13,553,168		14,482,164
Non-vested restricted stock units		—		49,616		—
Options		70,133		63,624		—
Weighted average shares for diluted earnings per share (1)		13,705,715		13,666,408		14,482,164

Net income (loss) per share available to common shareholders
Basic	$	3.14	$	1.84	$	(0.09	)
Diluted	$	3.12	$	1.83	$	(0.09	)

(1)

For the year ended December 31, 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 during the year ended December 31, 2022, 14,644,274 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 year ended December 31, 2022 would have included 74,987 restricted stock units and 87,124 share equivalents for options.

The weighted average shares outstanding used to determine dilutive earnings per share for the years ended December 31, 2024 and 2022 does not include 550,000 and 346,667 options, respectively, which were deemed to be anti-dilutive. The year ended December 31, 2023 did not have any options that were deemed to be anti-dilutive.