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Earnings per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table is a reconciliation of the components used to derive basic and diluted EPS for the three and nine months ended September 30, 2023 and 2022 ($ in thousands, except share and per share amounts):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
($ in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 4,804 |  |  | $ | 3,654 |  |  | $ | 13,303 |  |  | $ | 18,570 |
Amount allocated to participating common shareholders(1) |  | (89) |  |  | (27) |  |  | (209) |  |  | (139) |
Net income allocate to common shareholders |  | $ | 4,715 |  |  | $ | 3,627 |  |  | $ | 13,094 |  |  | $ | 18,431 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding, basic |  | 12,387,392 |  | 12,784,298 |  | 12,565,218 |  | 12,727,555
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |
Stock options |  | 403,012 |  | 450,038 |  | 374,092 |  | 542,740
Warrants |  | 77,803 |  | 89,723 |  | 69,523 |  | 134,269
Weighted average shares outstanding, diluted |  | 12,868,207 |  | 13,324,059 |  | 13,008,833 |  | 13,404,564
Earnings per share, basic |  | $ | 0.38 |  |  | $ | 0.28 |  |  | $ | 1.04 |  |  | $ | 1.45 |
Earnings per share, diluted |  | $ | 0.37 |  |  | $ | 0.27 |  |  | $ | 1.01 |  |  | $ | 1.37 |
(1)Represents earnings attributable to holders of unvested restricted stock issued to the Company’s directors and employees. There were 605,896 and 378,684 anti-dilutive options for the nine months ended September 30, 2023 and 2022, respectively, reported in the table above. There were 200,477 shares and 135,731 anti-dilutive warrants for the nine months ended September 30, 2023 and 2022, respectively, reported in the table above.

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