Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
(Dollars in thousands, except per share data)	2024		2023		2024		2023
Net (loss) income	$	(775)	$	1,497	$	(1,257)	$	3,813
Income allocated to participating securities		—		(9)		—		(28)
Net (loss) income available to common shareholders	$	(775)	$	1,488	$	(1,257)	$	3,785
Weighted-average number of shares used in:
Basic earnings per share		8,605,801		8,620,643		8,596,969		8,697,213
Dilutive common stock equivalents:
Stock options and restricted stock units		—		38,284		—		43,486
Diluted earnings per share		8,605,801		8,658,927		8,596,969		8,740,699
Net (loss) income per common share, basic	$	(0.09)	$	0.17	$	(0.15)	$	0.44
Net (loss) income per common share, diluted	$	(0.09)	$	0.17	$	(0.15)	$	0.43

Dilutive common stock equivalents were not included in calculating the net loss per share for the three months

and six months ended June 30, 2024 because these equivalents are anti-dilutive.