NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2022

NET INCOME PER COMMON SHARE [Abstract]

Reconciliation of Numerator and Denominator of Diluted Net Income Per Share Computations

The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except share data)	2022			2021			2022			2021
Numerator:
Net income	$	3,544		$	3,839		$	4,076		$	10,754
Less: preferred stock dividend		(304	)		(304	)		(912	)		(912	)
Less: allocation to preferred stockholders		(540	)		(582	)		(522	)		(1,629	)
Less: allocation to restricted stockholders		(155	)		(232	)		(153	)		(634	)
Net income allocated to common stockholders	$	2,545		$	2,721		$	2,489		$	7,579
Basic income per share:
Denominator:
Weighted average common shares outstanding		25,381,447			25,135,381			25,692,094			25,043,357
Basic income per share	$	0.10		$	0.11		$	0.10		$	0.30
Diluted income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,381,447			25,135,381			25,692,094			25,043,357
Dilutive potential common shares outstanding:
Series A Preferred Stock		-			-			-			-
Unvested restricted stock		-			-			-			-
Dilutive shares outstanding		25,381,447			25,135,381			25,692,094			25,043,357
Diluted income per share	$	0.10		$	0.11		$	0.10		$	0.30

Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential weighted average shares of common stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except share data)	2022		2021		2022		2021
Series A Preferred Stock		5,381,356		5,381,356		5,381,356		5,381,356
Unvested restricted stock		1,548,265		815,383		1,582,493		823,662
		6,929,621		6,196,739		6,963,849		6,205,018