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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
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)

 

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.