NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2024

NET INCOME PER COMMON SHARE [Abstract]

Reconciliation of Numerator and Denominator of Net Income Per Share Computations

The following is a reconciliation of the numerator and denominator of the net income per share computations for the years ended December 31, 2024, 2023, and 2022:

	Year Ended December 31,
(in thousands, except share data)	2024		2023		2022
Numerator:
Net income	$	9,891	$	25,997	$	12,634
Less: preferred stock dividend		-		-		(1,111	)
Less: allocation to preferred stockholders		-		-		(1,753	)
Less: allocation to restricted stockholders		-		-		(559	)
Net income allocated to common stockholders	$	9,891	$	25,997	$	9,211
Basic net income per share:
Denominator:
Weighted average common shares outstanding		30,580,381		30,105,194		25,879,483
Basic net income per share	$	0.32	$	0.86	$	0.36
Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		30,890,790		30,540,628		25,879,483
Dilutive shares outstanding		30,890,790		30,540,628		25,879,483
Diluted net income per share	$	0.32	$	0.85	$	0.36

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:

	Year Ended December 31,
	2024		2023		2022
Unvested restricted stock		-		-		516,233
		-		-		516,233