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Net Income per Common Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Net Income per Common Share
The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to the Company's common shares. The Company uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards.

 
Three Months Ended
 
March 31,
 
2020
 
2019
Net income (loss)
$
7,961,000

 
$
(3,845,000
)
Less: net income allocated to participating securities
321,000

 
—

Net income (loss) available to common shareholders
7,640,000

 
(3,845,000
)
 
 
 
 
Weighted average common shares outstanding — basic
7,882,000

 
7,779,000

Effect of dilutive securities
—

 
—

Weighted average common and potentially issuable common shares outstanding — diluted
7,882,000

 
7,779,000

 
 
 
 
Basic net income (loss) per common share
$
0.97

 
$
(0.49
)
Diluted net income (loss) per common share
$
0.97

 
$
(0.49
)