Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Earnings Per Share

(13)    Earnings Per Share

Holders of unvested restricted stock accrue dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain nonforfeitable rights to dividends or dividend equivalents and are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Unvested restricted stock awards that vest based on performance or market conditions are not considered to be participating securities in the earnings per share calculation because accrued dividends on shares that do not vest are forfeited.

The table below presents the information used to compute basic and diluted earnings per share:

	Three Months Ended
	March 31,
(Dollars in thousands, except per share data)	2024		2023
Net (loss) income	$	(482)	$	2,316
Income allocated to participating securities		(1)		(19)
Net (loss) income available to common shareholders	$	(483)	$	2,297
Weighted-average number of shares used in:
Basic earnings per share		8,588,137		8,774,634
Dilutive common stock equivalents:
Stock options and restricted stock units		42,582		32,110
Diluted earnings per share		8,630,719		8,806,744
Net (loss) income per common share, basic	$	(0.06)	$	0.26
Net (loss) income per common share, diluted	$	(0.06)	$	0.26