Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

The following table is a reconciliation of the components used to derive basic and diluted EPS for the three and six months ended June 30, 2023 and 2022 ($ in thousands, except share and per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)	2023		2022		2023		2022
Numerator:
Net income	$	4,638	$	5,482	$	8,499	$	14,916
Amount allocated to participating common shareholders(1)	(88)		(41)		(122)		(112)
Net income allocate to common shareholders	$	4,550	$	5,441	$	8,377	$	14,804
Denominator:
Weighted average shares outstanding, basic	12,603,463		12,716,010		12,655,605		12,698,714
Weighted average effect of dilutive securities:
Stock options	327,786		558,855		359,632		589,091
Warrants	58,281		142,525		65,383		156,542
Weighted average shares outstanding, diluted	12,989,530		13,417,390		13,080,620		13,444,347
Earnings per share, basic	$	0.36	$	0.43	$	0.66	$	1.17
Earnings per share, diluted	$	0.35	$	0.41	$	0.64	$	1.10

(1)Represents earnings attributable to holders of unvested restricted stock issued outside of the Plan to the Company’s employees.