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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 Company is required to present basic earnings per share and diluted earnings per share in its Consolidated Statements of Operations. Basic earnings per share amounts are computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share reflects additional shares of common stock that would have been outstanding if potentially dilutive shares of common stock had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential shares of common stock that may be issued by the Company relate to outstanding unvested RSAs granted to directors and employees. The dilutive effect resulting from these potential shares is determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted earnings per share. The following table summarizes the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:
(Net income in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Basis (loss) earnings per share: |  |  |  |  |  |  |  |
Net (loss) income attributable to Common shareholders |  | $ | (3,770) |  |  | $ | 2,326 |  |  | $ | (5,084) |  |  | $ | 4,391 |
Divided by: |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 3,965,186 |  | 3,957,269 |  | 3,965,186 |  | 3,957,010
Basic (loss) earnings per share of common stock |  | $ | (0.95) |  |  | $ | 0.59 |  |  | $ | (1.28) |  |  | $ | 1.11 |
Diluted (loss) earnings per share: |  |  |  |  |  |  |  |
Net (loss) income attributable to Common shareholders |  | $ | (3,770) |  |  | $ | 2,326 |  |  | $ | (5,084) |  |  | $ | 4,391 |
Weighted average shares outstanding |  | 3,965,186 |  | 3,957,269 |  | 3,965,186 |  | 3,957,010
Effect of potentially dilutive restricted shares of common stock |  | — |  | (1) | 6,439 |  | — |  | (2) | 8,588
Divided by: |  |  |  |  |  |  |  |
Weighted average diluted shares outstanding |  | 3,965,186 |  | 3,963,708 |  | 3,965,186 |  | 3,965,598
Diluted (loss) earnings per share of common stock |  | $ | (0.95) |  |  | $ | 0.59 |  |  | $ | (1.28) |  |  | $ | 1.11 |
(1) |  | The weighted average diluted shares outstanding does not include 1,651 anti-dilutive restricted shares of common stock for the three months ended September 30, 2023.
(2) |  | The weighted average diluted shares outstanding does not include 3,009 anti-dilutive restricted shares of common stock for the nine months ended September 30, 2023.

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