Loss Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Loss Per Common Share

Loss Per Common Share

Loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss available to common stockholders is net income (loss) adjusted for preferred stock dividends declared. Diluted loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock and option awards. The table below reflects the calculation of loss per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted loss per common share (in thousands, expect per share amounts).

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Loss per common share
Net income (loss)	371		(51,232)		$	887	$	(56,972)
Preferred Stock Dividend	1,531		1,487		3,066		2,944
Net loss available to common shareholders	(1,160)		(52,719)		$	(2,179)	$	(59,916)
Basic weighted average shares outstanding	17,627		17,932		17,568		18,457
Loss per common share	$	(0.07)	$	(2.94)	$	(0.12)	$	(3.25)
Diluted loss per common share
Net loss available to common shareholders	$	(1,160)	$	(52,719)	$	(2,179)	$	(59,916)
Basic weighted average shares outstanding	17,627		17,932		17,568		18,457
Effect of dilutive restricted stock and options	507		59		418		74
Diluted weighted average shares outstanding	18,134		17,991		17,986		18,531
Diluted loss per common share	$	(0.06)	$	(2.93)	$	(0.12)	$	(3.23)

The table below reflects a summary of securities that could potentially dilute basic loss per common share in future periods that were not included in the computation of diluted loss per share because the effect would have been antidilutive (in thousands).

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(Unaudited)		(Unaudited)
Antidilutive securities:
Stock options	110	163	132	163
Restricted shares	27	966	73	966
Total antidilutive securities	137	1,129	205	1,129