Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Components of basic and diluted earnings per share

The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):

	Three months ended March 31, 2022					Three months ended March 31, 2021
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	3,586	22,922,316			$	7,004	22,816,978
Allocation of earnings to participating restricted shares	(43)		—			(52)		—
Consolidated net income attributable to unrestricted common stockholders	$	3,543	22,922,316	$	0.15	$	6,952	22,816,978	$	0.30
Effect of dilutive securities(1,2,3)
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	3,543	22,922,316	$	0.15	$	6,952	22,816,978	$	0.30

(1)The Company's outstanding warrants for an additional 6,500,000 shares of common stock and effect of the put option share settlement would have an anti-dilutive effect on diluted earnings per share for the three months ended March 31, 2022 and March 31, 2021, and have not been included in the calculation.

(2)The effect of restricted stock grants and manager and director fee shares on the Company's diluted EPS calculation for the three months ended March 31, 2022 and March 31, 2021 would have been anti-dilutive and have not been included in the calculation.

(3)The effect of interest expense and assumed conversion of shares from convertible notes on the Company's diluted EPS calculation for the three months ended March 31, 2022 and March 31, 2021 would have been anti-dilutive and has been removed from the calculation.