Earnings Per Share

6 Months Ended

Jun. 30, 2023

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computations contained in the condensed consolidated financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands, except share and per share amounts)
Net income	$	23,693	$	7,664	$	33,301	$	17,869
Less: Dividends on Series A preferred shares	(2,625)		(2,625)		(5,250)		(3,500)
Net income available to common shareholders	$	21,068	$	5,039	$	28,051	$	14,369

Weighted average common shares outstanding:
Basic	37,642,289		37,449,621		37,587,359		37,428,385
Dilutive potential common shares	5,856,616		282,750		235,046		215,249
Diluted	43,498,905		37,732,371		37,822,405		37,643,634

Net income per common share:
Basic	$	0.56	$	0.13	$	0.75	$	0.38
Dilutive potential common shares	(0.02)		—		(0.01)		—
Diluted	$	0.54	$	0.13	$	0.74	$	0.38

For the three months ended June 30, 2023, all potential common shares were dilutive. Dividends on the Series A preferred shares were added back to the numerator and 5,640,158 common shares from an assumed conversion of the Series A preferred shares were included in the denominator for the diluted earnings per common share calculation. For the six months ended June 30, 2023, potential common shares of 5,640,158, representing the outstanding Series A preferred shares, were anti-dilutive and excluded from the calculation of diluted earnings per common share. For the three and six months ended June 30, 2022, potential common shares of 5,928,132 and 4,089,627, respectively, were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive.