Earnings Per Share ("EPS") - (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of computation of basic and diluted earnings per share

The following table shows how we computed basic and diluted EPS for the three and nine months ended September 30, 2020 and 2019.


(In thousands, except per share data)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Basic EPS:
Net income (loss)	$	5,086	$	1,630	$	4,631	$	5,239



Net income allocable to common shareholders	$	5,086	$	1,630	$	4,631	$	5,239
Less earnings allocated to participating securities	44		11		41		196
Earnings allocated to common shareholders	$	5,042	$	1,619	$	4,590	$	5,043
Weighted average common shares outstanding	23,516		23,356		23,498		22,606
Basic earnings per common share	$	0.21	$	0.07	$	0.20	$	0.22
Diluted EPS:
Earnings allocated to common shareholders	$	5,086	$	1,630	$	4,631	$	5,239
Weighted average common shares outstanding	23,516		23,356		23,498		22,606
Add dilutive effects of restricted stock grants	112		163		115		157
Add dilutive effects of restricted stock units	92		—		96		—
Add dilutive effects for assumed conversion of Series A preferred stock	—		—		—		720
Add dilutive effects for stock options	—		138		3		122
Weighted average diluted common shares outstanding	23,720		23,657		23,712		23,605
Diluted earnings per common share	$	0.21	$	0.07	$	0.20	$	0.22

(1)The basic and diluted earnings per share amounts for the three and nine months ended September 30, 2020 and 2019 are the same under both the Treasury Stock Method and the Two-Class Method as prescribed in FASB ASC 260-10, Earnings Per Share.

Schedule of antidilutive securities excluded from earnings per share

The weighted average shares that have an antidilutive effect in the calculation of diluted net income per share and have been excluded from the computations above were as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2020	2019	2020	2019
Stock options(1)(2)	593,464	257,636	709,898	208,997

(1)Stock options that were excluded from the computation of diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019 as a result of the reported net loss available to common shareholders.

(2)Represents stock options that were excluded from the computation of diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019 as a result of the shares being “out-of-the-money.”