EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Schedule of calculation of earnings (loss) per share

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):

	Years Ended December 31,
	2023		2022
Basic:
Net (loss) income	$	(3,048)	$	18,539
Less: Preferred stock dividend		(12,047)		—
Less: Undistributed earnings allocable to preferred stockholders		—		—
Net (loss) income available to common stockholders	$	(15,095)	$	18,539
Weighted average basic number of common shares outstanding basic		16,441		16,331
Basic net (loss) income per share of common stock	$	(0.92)	$	1.14
Diluted:
Net (loss) income available to common stockholders basic	$	(15,095)	$	18,539
Reallocation of undistributed earnings		—		—
Net (loss) income available to common stockholders diluted	$	(15,095)	$	18,539
Weighted average basic number of common shares outstanding		16,441		16,331
Common stock equivalent shares representing shares issuable upon:
Exercise of warrants and stock options		Anti-dilutive		Anti-dilutive
Vesting of restricted stock units		Anti-dilutive		179
Weighted average diluted number of common shares outstanding diluted		16,441		16,510
Diluted net income (loss) per share of common stock	$	(0.92)	$	1.12