XML 31 R20.htm IDEA: XBRL DOCUMENT v3.25.3
EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2025202420252024
Net income (loss)$7,557 $20,431 $(121,393)$68,813 
Preferred dividends declared(2,229)(2,229)(6,685)(6,685)
Net income (loss) available to common shareholders5,328 18,202 (128,078)62,128 
Common shareholder dividends(6,893)(6,632)(20,230)(19,959)
Unvested restricted stock award dividends(124)(115)(354)(324)
Undistributed earnings to unvested restricted stock awards— (181)— (645)
Undistributed earnings (loss) to common shareholders$(1,689)$11,274 $(148,662)$41,200 
Basic
Distributed earnings to common shareholders$6,893 $6,632 $20,230 $19,959 
Undistributed earnings (loss) to common shareholders(1,689)11,274 (148,662)41,200 
Total common shareholders earnings (loss), basic$5,204 $17,906 $(128,432)$61,159 
Diluted
Distributed earnings to common shareholders$6,893 $6,632 $20,230 $19,959 
Undistributed earnings (loss) to common shareholders(1,689)11,274 (148,662)41,200 
Total common shareholders earnings (loss)5,204 17,906 (128,432)61,159 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — — — 
Total common shareholders earnings (loss), diluted$5,204 $17,906 $(128,432)$61,159 
Weighted average common shares outstanding, basic21,863,911 21,675,818 21,826,566 21,726,143 
Dilutive effect of options— 2,424 — 5,950 
Weighted average common shares outstanding, diluted21,863,911 21,678,242 21,826,566 21,732,093 
Basic earnings (loss) per common share$0.24 $0.83 $(5.88)$2.82 
Diluted earnings (loss) per common share0.24 0.83 (5.88)2.81 
Antidilutive stock options(1)
228,802 279,163 228,802 231,120 
(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.