Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except share and per share amounts):

	Year Ended December 31,
	2023			2022
Net income (loss)	$	(25,904	)	$	(10,681	)
Preferred stock dividends		19			-
Net income (loss) allocable to common shareholders	$	(25,923	)	$	(10,681	)
Weighted average common shares, basic and diluted*		12,220,511			10,692,090
Earnings (loss) per share, basic and diluted	$	(2.12	)	$	(1.00	)

* The preferred shares that may be convertible into a total of 4,000,000 common shares were anti-dilutive and thus did not impact the diluted earnings per share calculation. There were no unvested restricted stock units as of December 31, 2023. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of December 31, 2022. Therefore, the non-vested shares are excluded from earnings (loss) per share for the years ended December 31, 2022.