QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Summarized Quarterly Results [Text Block]

NOTE 14. QUARTERLY RESULTS (UNAUDITED)

The following is a presentation of the quarterly results of operations for the years ended December 31, 2019 and 2018.

(in thousands, except per share information)
	Quarter Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Interest income	$	32,433	$	36,455	$	35,907	$	37,529
Interest expense		(18,892)		(22,431)		(22,321)		(20,022)
Net interest income		13,541		14,024		13,586		17,507
Losses (gains)		(748)		(7,670)		(19,431)		3,841
Net portfolio income (loss)		12,793		6,354		(5,845)		21,348

Expenses:
Management fees and overhead expenses		1,608		1,653		1,791		1,856
Other expenses		588		1,168		841		880
Total expenses		2,196		2,821		2,632		2,736

Net income (loss)	$	10,597	$	3,533	$	(8,477)	$	18,612

Basic and diluted net income (loss) per share	$	0.22	$	0.07	$	(0.14)	$	0.29

Weighted Average Shares Outstanding		48,905		52,601		60,419		63,124

Dividends declared per share	$	0.24	$	0.24	$	0.24	$	0.24

	Quarter Ended
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Interest income	$	39,935	$	38,590	$	39,054	$	37,002
Interest expense		(15,149)		(16,579)		(18,893)		(19,739)
Net interest income		24,786		22,011		20,161		17,263
Losses		(38,055)		(17,734)		(20,150)		(40,707)
Net portfolio income (loss)		(13,269)		4,277		11		(23,444)

Expenses:
Management fees and overhead expenses		2,094		1,967		1,873		1,836
Other expenses		1,014		964		1,097		1,117
Total expenses		3,108		2,931		2,970		2,953

Net income (loss)	$	(16,377)	$	1,346	$	(2,959)	$	(26,397)

Basic and diluted net income (loss) per share	$	(0.31)	$	0.03	$	(0.06)	$	(0.52)

Weighted Average Shares Outstanding		53,066		52,587		52,035		51,188

Dividends declared per share	$	0.31	$	0.27	$	0.25	$	0.24

Earnings per share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. The sum of the four quarters’ EPS may not equal the full year EPS.