Earnings per common share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended March 31,
	2020			2019
	($ in thousands except share and per share data)
Numerator:
Net income (loss) before preference dividends	$	(266,608	)	$	52,539
Preference dividends	(1,171		)	(4,907		)
Net income (loss) available to common shareholders	(267,779		)	47,632
Denominator:
Weighted average common shares outstanding - basic and diluted (1)(2)	19,951,932			22,682,875
Earnings (loss) per common share:
Basic and diluted	$	(13.42	)	$	2.10

(1) During the three months ended March 31, 2020, the Company granted an aggregate of 63,591 restricted share units and common shares to certain employees and directors, 48,916 of which are non-vested. During the three months ended March 31, 2019, the Company did not grant any restricted share units or common shares. The weighted average non-vested restricted share units of 13,727 are excluded from the calculation of diluted weighted average common shares outstanding for the three months ended March 31, 2020, due to a net loss reported. Refer to Note 17, “Share transactions” for further details.

(2) Warrants held by Arch and HPS were not included in the computation of diluted earnings because the exercise price of the warrants exceeded the market price of the common shares during the period and the exercise of the warrants would have been anti-dilutive. The warrants expired on March 25, 2020. The number of common shares issuable upon exercise of the warrants that was excluded was 1,704,691 common shares.