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Basis of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Earnings Per Share Reconciliation | The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic earnings (loss) per share (“EPS”) are calculated by dividing net income by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in the quarterly diluted EPS is computed using the average market prices during the three months included in the reporting period under the treasury stock method. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
| Three months ended |  | Six months ended
(in thousands, except per share data) | June 30, 2024 | June 30, 2023 |  | June 30, 2024 | June 30, 2023
Weighted average basic common shares outstanding | 16,108 |  | 16,009 |  |  | 16,095 |  | 15,990 |
Potentially dilutive common shares related to: |  |  |  |  |
Stock options | — |  | — |  |  | — |  | 7 |
Unvested restricted stock awards | — |  | 7 |  |  | — |  | 11 |
Weighted average diluted common shares outstanding | 16,108 |  | 16,016 |  |  | 16,095 |  | 16,008 |
Net (loss) income | $ | (21,902) |  | $ | 4,551 |  |  | $ | (18,980) |  | $ | 13,991 |
Basic (loss) earnings per common share | $ | (1.36) |  | $ | 0.28 |  |  | $ | (1.18) |  | $ | 0.88 |
Diluted (loss) earnings per common share 1 | $ | (1.36) |  | $ | 0.28 |  |  | $ | (1.18) |  | $ | 0.87 |
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS | 393 |  | 389 |  |  | 325 |  | 358 |
1 Because Bancorp was in a net loss position for the three and six months ended June 30, 2024, diluted net loss per share is the same as basic net loss per share, as the inclusion of potentially dilutive common shares would have been anti-dilutive.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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