Earnings per Share

9 Months Ended

Sep. 30, 2023

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.