EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of basic and diluted income (losses) per common share

The following table presents a reconciliation of basic and diluted income (losses) per common share for the periods presented (dollars in thousands, except per share amounts):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net income	$	6,397		$	5,558		$	11,321		$	7,851
Net income allocated to preferred shares		(4,806	)		(4,856	)		(9,628	)		(9,711	)
Carrying value in excess of consideration paid for preferred shares		—			—			242			—
Net loss allocable to non-controlling interest, net of taxes		62			115			274			261
Net income (loss) allocable to common shares	$	1,653		$	817		$	2,209		$	(1,599	)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic		7,272,082			8,059,978			7,317,109			8,084,064
Weighted average number of warrants outstanding (1)		391,995			391,995			391,995			391,995
Total weighted average number of common shares outstanding - basic		7,664,077			8,451,973			7,709,104			8,476,059
Effect of dilutive securities - unvested restricted stock		177,676			82,585			228,680			—
Weighted average number of common shares outstanding - diluted		7,841,753			8,534,558			7,937,784			8,476,059
Net income (loss) per common share - basic	$	0.22		$	0.10		$	0.29		$	(0.19	)
Net income (loss) per common share - diluted	$	0.21		$	0.10		$	0.28		$	(0.19	)

(1)See Note 11 for further details regarding the warrants.