(LOSS) EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2020

The following table presents computations of basic and diluted (loss) earnings per common share ("EPS") for the three and six months ended June 30, 2020:



	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
($ in thousands except per share data)	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Loss from operations	$	(18,273)	$	(176)	$	(24,804)	$	(238)

Less: participating securities dividends	(93)		(1)		(186)		(2)
Less: preferred stock dividends	(3,409)		(33)		(6,909)		(66)
Less: preferred stock redemption	49		—		570		5


Net loss allocated to common stockholders	$	(21,726)	$	(210)	$	(31,329)	$	(301)

Weighted average common shares outstanding	49,553,598		477,321		49,770,527		477,321
Dilutive effects of restricted shares/units	—		—		—		—

Dilutive effects of stock options	—		—		—		—

Average shares and dilutive common shares	49,553,598		477,321		49,770,527		477,321




Basic loss per common share	$	(0.44)	$	(0.44)	$	(0.63)	$	(0.63)



Diluted loss per common share	$	(0.44)	$	(0.44)	$	(0.63)	$	(0.63)

For the three and six months ended June 30, 2020, there were 960,090 and 960,883 of restricted shares/units and 55,069 and 55,438 of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.

The following table presents computations of basic and diluted EPS for the three and six months ended June 30, 2019:



	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
($ in thousands except per share data)	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Income from operations	$	16,426	$	156	$	23,397	$	222
Less: income allocated to participating securities	(268)		(3)		(152)		(1)
Less: participating securities dividends	(93)		(1)		(292)		(3)
Less: preferred stock dividends	(4,268)		(40)		(8,535)		(81)



Net income allocated to common stockholders	$	11,797	$	112	$	14,418	$	137

Weighted average common shares outstanding	50,379,816		477,321		50,290,107		477,321
Dilutive effects of stock units	103,677		—		119,967		—

Dilutive effects of stock options	4,142		—		7,795		—

Average shares and dilutive common shares	50,487,635		477,321		50,417,869		477,321




Basic earnings per common share	$	0.23	$	0.23	$	0.29	$	0.29



Diluted earnings per common share	$	0.23	$	0.23	$	0.29	$	0.29

For the three and six months ended June 30, 2019, there were 517,833 and 484,163, respectively, of stock units and 58,859 and 33,013, respectively, of stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive.