NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2023

NET INCOME PER COMMON SHARE [Abstract]

Reconciliation of Numerator and Denominator of Net Income (Loss) Per Share Computations

The following is a reconciliation of the numerator and denominator of the net income per share computations for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in thousands, except share data)	2023		2022			2023		2022
Numerator:
Net income	$	2,064	$	3,544		$	19,205	$	4,076
Less: preferred stock dividend		-		(304	)		-		(912	)
Less: allocation to preferred stockholders		-		(540	)		-		(522	)
Less: allocation to restricted stockholders		-		(155	)		-		(153	)
Net income allocated to common stockholders	$	2,064	$	2,545		$	19,205	$	2,489
Basic income per share:
Denominator:
Weighted average common shares outstanding		30,163,745		25,381,447			30,114,926		25,692,094
Basic income per share	$	0.07	$	0.10		$	0.64	$	0.10
Diluted income per share:
Denominator:
Weighted average number of:
Common shares outstanding		30,698,475		25,381,447			30,455,155		25,692,094
Dilutive shares outstanding		30,698,475		25,381,447			30,455,155		25,692,094
Diluted income per share	$	0.07	$	0.10		$	0.63	$	0.10

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)	2023		2022		2023		2022
Series A Preferred Stock		-		5,381,356		-		5,381,356
Unvested restricted stock		-		1,548,265		-		1,582,493
		-		6,929,621		-		6,963,849