XML 38 R24.htm IDEA: XBRL DOCUMENT v3.24.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders’ Equity Shareholders’ Equity
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 common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to the 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 is a summary of the computation of basic and diluted earnings per share for each of the years in the three-year period ended December 31, 2023.
(Net income in thousands)Year ended December 31,
202320222021
Basic (loss) earnings per share:
Net (loss) income attributable to Common shareholders$(4,179)$6,161 $5,094 
Divided by:
Weighted average shares outstanding3,965,3243,957,0973,946,384
Basic (loss) earnings per common share$(1.05)$1.56 $1.29 
Diluted (loss) earnings per share:
Net (loss) income attributable to Common shareholders$(4,179)$6,161 $5,094 
Weighted average shares outstanding3,965,3243,957,0973,946,384
Effect of potentially dilutive restricted common shares—(1)5,8016,270
Divided by:
Weighted average diluted shares outstanding3,965,3243,962,8983,952,654
Diluted (loss) earnings per common share$(1.05)$1.55 $1.29 
(1) The weighted average diluted shares outstanding does not include 11,438 anti-dilutive restricted common shares for the year ended December 31, 2023.
Dividends
The Company did not pay any dividends for the year ended December 31, 2023, 2022, and 2021, and has suspended dividend payments.