Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Cash Dividends Declared

The following table details our cash dividends declared in 2020. Cash dividends paid as disclosed in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 include previously declared cash dividends on shares of vested restricted common stock ("restricted stock") issued to our non-executive directors and dividends related to vested restricted stock units ("RSUs") issued to eligible employees. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited.

Declaration Date	Record Date	Payment Date	Per Share Amount		Total Declared(1)
					(Dollars in thousands)
February 26, 2020	March 16, 2020	March 30, 2020	$	0.125	$	2,488
April 29, 2020	May 25, 2020	June 24, 2020	0.125		2,491
July 29, 2020	August 17, 2020	September 10, 2020	0.125		2,494
	Total		$	0.375	$	7,473

(1) The total declared reflects the cash dividends declared in relation to common stock, DSUs and unvested RSUs.

Basic and Diluted Net Income (Loss) Per Common Shares

The components of basic and diluted net income (loss) per common share were as follows for the periods stated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except for share and per share amounts)	2020		2019		2020		2019
Numerator:
Net income (loss)	$	3,165	$	(1,326)	$	2,384	$	(1,255)
Denominator:
Basic and diluted weighted average outstanding shares of common stock	19,051,502		19,086,811		19,008,969		19,166,812
Diluted weighted average outstanding shares of common stock	19,208,452		19,086,811		19,273,243		19,166,812
Basic net income (loss) per common share	$	0.17	$	(0.07)	$	0.13	$	(0.07)
Diluted net income (loss) per common share	$	0.16	$	(0.07)	$	0.12	$	(0.07)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the three and nine months ended September 30, 2020 and 2019 the following securities were excluded from the calculation of diluted shares outstanding as the effect would have been anti-dilutive:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2020	2019	2020	2019
Restricted stock units	—	129,973	—	179,576

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Plan from January 1, 2020 through September 30, 2020:

	Activity
Shares of common stock available at January 1, 2020	646,480
Additional shares available for issuance under the 2020 Equity Plan	1,600,000
RSU, DSU, and restricted stock awarded to eligible employees, net of forfeitures	(541,798)
Total common stock available at September 30, 2020	1,704,682

The following table summarizes the activities under the ESPP from January 1, 2020 through September 30, 2020:

	Activity
Total ESPP equity securities available at January 1, 2020	184,860
ESPP common stock purchased by eligible employees	(18,586)
Total ESPP securities available at September 30, 2020	166,274

Summary of Outstanding RSUs

The following table details activities with respect to outstanding RSUs, DSUs, and restricted stock under the Equity Plans for the nine months ended September 30, 2020:

	Shares	Weighted- Average Grant Date Fair Value
Unvested at January 1, 2020	419,426	$	14.00
Granted	577,805	12.06
Vested	(32,384)	13.63
Forfeited	(36,007)	12.51
Unvested at September 30, 2020	928,840	$	12.86

Stock Based Compensation Expense

The following table reflects the items for stock-based compensation expense on the Condensed Consolidated Statements of Operations for the periods stated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Performance-based RSUs	$	664	$	397	$	1,524	$	939
Time-based RSUs, DSUs and restricted stock	929		546		2,556		1,520
ESPP	23		21		80		62
Total stock-based compensation	$	1,616	$	964	$	4,160	$	2,521