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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per share is calculated using the two-class method, which is net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding participating securities. All outstanding unvested share-based payment awards, including those related to directors' and employee stock awards, contain rights to non-forfeitable dividends and are considered participating securities for this calculation. Restricted stock awards are grants of participating securities and are considered outstanding at grant date. There were no dilutive securities issuable or outstanding for the three and six month periods ended June 30, 2025 and 2024, respectively. The calculation of basic earnings per share for the three and six month periods ended June 30, 2025 and 2024 is shown below (in thousands, except share and per share data):
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net income (loss) | $ | (6,452) |  |  | $ | 4,987 |  |  | $ | (429) |  |  | $ | 12,037 |
(Less) allocation of earnings & dividends to participating securities | 96 |  |  | (65) |  |  | 6 |  |  | (158) |
Net income (loss) available to common shareholders | $ | (6,356) |  |  | $ | 4,922 |  |  | $ | (423) |  |  | $ | 11,879 |
Weighted average common shares outstanding | 4,808,078 |  |  | 4,769,647 |  |  | 4,798,462 |  |  | 4,766,629 |
(Less) participating securities | (71,689) |  |  | (62,178) |  |  | (64,817) |  |  | (62,243) |
Weighted average number of shares outstanding used in the calculation of basic earnings per share | 4,736,389 |  |  | 4,707,469 |  |  | 4,733,645 |  |  | 4,704,386 |
Basic earnings (loss) per common share | $ | (1.35) |  |  | $ | 1.05 |  |  | $ | (0.09) |  |  | $ | 2.53 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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