EARNINGS (LOSS) PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2020

Basic and Diluted Earnings Per Common Share

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



	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net income (loss)	$	15,761	$	152		$	(9,043)	$	(86)
Less: Income allocated to participating securities	(278)		(3)			—		—
Less: participating securities dividends	(93)		(1)			(279)		(3)
Less: preferred stock dividends	(3,414)		(33)			(10,323)		(99)
Less: preferred stock redemption	(7)		—			563		5


Net income (loss) allocated to common stockholders	$	11,969	$	115		$	(19,082)	$	(183)

Weighted average common shares outstanding	49,631,334		477,321			49,723,791		477,321
Dilutive effects of restricted shares/units	82,278		—			—		—

Dilutive effects of stock options	—		—			—		—

Average shares and dilutive common shares	49,713,612		477,321			49,723,791		477,321




Basic earnings (loss) per common share	$	0.24	$	0.24		$	(0.38)	$	(0.38)



Diluted earnings (loss) per common share	$	0.24	$	0.24		$	(0.38)	$	(0.38)

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



	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
($ in thousands except per share data)	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Net (loss) income	$	(13,999)	$	(133)		$	9,398	$	89
Less: income allocated to participating securities	—		—			—		—
Less: participating securities dividends	(93)		(1)			(386)		(4)
Less: preferred stock dividends	(3,371)		(32)			(11,906)		(113)
Less: preferred stock redemption	(5,045)		(48)			(5,045)		(48)


Net loss allocated to common stockholders	$	(22,508)	$	(214)		$	(7,939)	$	(76)

Weighted average common shares outstanding	50,404,906		477,321			50,327,108		477,321
Dilutive effects of stock units	—		—			—		—

Dilutive effects of stock options	—		—			—		—

Average shares and dilutive common shares	50,404,906		477,321			50,327,108		477,321




Basic earnings per common share	$	(0.45)	$	(0.45)		$	(0.16)	$	(0.16)



Diluted earnings per common share	$	(0.45)	$	(0.45)		$	(0.16)	$	(0.16)