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Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Earnings per Common Share

Earnings per Common Share

Note 9— Earnings per Common Share

Earnings per common share is calculated in accordance with ASC 260 - Earnings Per Share, which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method.

Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of voting common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

The following table summarizes the computation of earnings per share for the three and nine months ended September 30, 2024 and September 30, 2023.


		Three months ended						Nine months ended
		September 30,						September 30,
		2024			2023			2024			2023
Earnings (loss) per common share - basic:
Income available to common shareholders (in thousands):
Net income (loss)		$	4,235		$	(10,137)		$	12,344		$	656
Less: Income attributable to unvested restricted stock awards			(14)			—			(40)			(2)
Net income (loss) available to common shareholders		$	4,221		$	(10,137)		$	12,304		$	654

Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock			14,233,612			14,126,114			14,209,916			14,174,804
Less: Unvested restricted stock			(45,921)			(46,088)			(45,855)			(48,282)
Weighted-average common shares outstanding - basic			14,187,691			14,080,026			14,164,061			14,126,522

Earnings (loss) per common share - basic		$	0.30		$	(0.72)		$	0.87		$	0.05

Earnings (loss) per common share - diluted:
Income available to common shareholders (in thousands):
Net income (loss)		$	4,235		$	(10,137)		$	12,344		$	656
Less: Income attributable to unvested restricted stock awards			(14)			—			(40)			(2)
Net income (loss) available to common shareholders		$	4,221		$	(10,137)		$	12,304		$	654

Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock			14,233,612			14,126,114			14,209,916			14,174,804
Less: Unvested restricted stock			(45,922)			(46,088)			(45,855)			(48,282)
Plus: Effect of dilutive options			26,896			—			34,272			72,656
Weighted-average common shares outstanding - diluted			14,214,586			14,080,026			14,198,333			14,199,178

Earnings (loss) per common share - diluted		$	0.30		$	(0.72)		$	0.87		$	0.05

Outstanding options to purchase common stock were considered in the computation of diluted earnings per share for the periods presented. All stock options outstanding as of September 30, 2024 were included in computing diluted earnings per share for the three months ended September 30, 2024, as none had anti-dilutive effects. No stock options outstanding as of September 30, 2023 were included in computing diluted earnings per share for the three months ended September 30, 2023 as the Company reported a net loss and the impact would have been anti-dilutive. All stock options outstanding as of September 30, 2024 and 2023 were included in computing diluted earnings per share for the nine months ended September 30, 2024 and 2023, as none had anti-dilutive effects.