Earnings Per Share

6 Months Ended

Jun. 30, 2024

9. Earnings Per Share

Basic and diluted earnings (loss) per share are computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding during the period. The dividends on preferred stock are deducted from the net income to arrive at net income allocable to common shareholders. The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except per share and share amounts):


	Three Months Ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net income (loss)	$	(3,792	)	$	(4,739	)	$	(3,561	)	$	(3,738	)
Preferred stock dividends		158			—		$	315			—
Net income (loss) allocable to common shareholders	$	(3,950	)	$	(4,739	)	$	(3,876	)	$	(3,738	)
Weighted average common shares, basic and diluted *		12,222,881			12,220,331			12,222,881			12,218,102
Earnings (loss) per common share, basic and diluted	$	(0.32	)	$	(0.39	)	$	(0.32	)	$	(0.31	)

* 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 June 30, 2024. The non-vested shares of stock options were anti-dilutive as of June 30, 2024. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2024 and 2023.