Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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 per share and share amounts):

	Three Months Ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Net income (loss) from continuing operations	$	(6,886	)	$	(4,362	)	$	(9,044	)	$	(7,861	)
Net income from discontinued operations		60,176			1,656			58,773			1,417
Net income (loss)		53,290			(2,706	)		49,729			(6,444	)
Preferred stock dividends		502			—			817			—
Net income (loss) allocable to common shareholders	$	52,788		$	(2,706	)	$	48,912		$	(6,444	)
Earnings (loss) per common share, basic and diluted
Net income (loss) from continuing operations	$	(0.60	)	$	(0.36	)	$	(0.81	)	$	(0.64	)
Net income from discontinued operations	$	4.92		$	0.14		$	4.81		$	0.12
Net income (loss) allocable to common shareholders	$	4.32		$	(0.22	)	$	4.00		$	(0.53	)
Weighted average common shares outstanding, basic and diluted		12,222,881			12,222,881			12,222,881			12,219,713

* There were no unvested restricted stock units as of September 30, 2024. The non-vested shares of stock options were anti-dilutive as of September 30, 2024. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2024 and 2023.