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EARNINGS PER COMMON SHARE | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Earnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. Presented below are the calculations for basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
(dollars in thousands, except per share data) | 2025 |  | 2024 |  |  |  |  |  |
Net (loss) income | $ | (140,974) |  |  | $ | 22,663 |  |  |  |  |  |  |
Preferred dividends declared | (2,228) |  |  | (2,228) |  |  |  |  |  |  |
Net (loss) income available to common shareholders | (143,202) |  |  | 20,435 |  |  |  |  |  |  |
Common shareholder dividends | (6,666) |  |  | (6,666) |  |  |  |  |  |  |
Unvested restricted stock award dividends | (116) |  |  | (106) |  |  |  |  |  |  |
Undistributed earnings to unvested restricted stock awards | — |  |  | (209) |  |  |  |  |  |  |
Undistributed (loss) earnings to common shareholders | $ | (149,984) |  |  | $ | 13,454 |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |
Distributed earnings to common shareholders | $ | 6,666 |  |  | $ | 6,666 |  |  |  |  |  |  |
Undistributed (loss) earnings to common shareholders | (149,984) |  |  | 13,454 |  |  |  |  |  |  |
Total common shareholders (loss) earnings, basic | $ | (143,318) |  |  | $ | 20,120 |  |  |  |  |  |  |
Diluted |  |  |  |  |  |  |  |  |
Distributed earnings to common shareholders | $ | 6,666 |  |  | $ | 6,666 |  |  |  |  |  |  |
Undistributed (loss) earnings to common shareholders | (149,984) |  |  | 13,454 |  |  |  |  |  |  |
Total common shareholders (loss) earnings | (143,318) |  |  | 20,120 |  |  |  |  |  |  |
Add back: |  |  |  |  |  |  |  |  |
Undistributed earnings reallocated from unvested restricted stock awards | — |  |  | — |  |  |  |  |  |  |
Total common shareholders (loss) earnings, diluted | $ | (143,318) |  |  | $ | 20,120 |  |  |  |  |  |  |
Weighted average common shares outstanding, basic | 21,795,570 |  |  | 21,774,647 |  |  |  |  |  |  |
Dilutive effect of options | — |  |  | 13,044 |  |  |  |  |  |  |
Weighted average common shares outstanding, diluted | 21,795,570 |  |  | 21,787,691 |  |  |  |  |  |  |
Basic (loss) earnings per common share | $ | (6.58) |  |  | $ | 0.92 |  |  |  |  |  |  |
Diluted (loss) earnings per common share | (6.58) |  |  | 0.92 |  |  |  |  |  |  |
Antidilutive stock options(1) | 253,061 |  |  | 235,652 |  |  |  |  |  |  |
(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods. For periods in which a net loss is recognized all contingently issuable shares are reported as antidilutive.

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