EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER COMMON SHARE [Abstract]

EARNINGS PER COMMON SHARE

Note 4 — Earnings per Common Share:

Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.

The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.

Weighted average shares of unvested restricted common stock considered to be participating securities totaled 49,778 and 68,945 for the three and nine months ended September 30, 2022, respectively, and 106,384 and 73,172 for the three and nine months ended September 30, 2021, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2022, there were 592,112 shares of restricted stock units and 537,357 stock options outstanding and considered to be potentially dilutive securities.

Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)		2022		2021		2022		2021
Net income/(loss) attributable to the Company allocated to:
Common Stockholders	$	113,313	$	(67,494)	$	169,229	$	(99,648)
Participating securities		114		142		233		148
	$	113,427	$	(67,352)	$	169,462	$	(99,500)

For the three and nine months ended September 30, 2022 earnings per share calculations, there were 430,984 and 264,881 dilutive equity awards outstanding, respectively. For the three and nine months ended September 30, 2021 earnings per share calculations, there were no dilutive equity awards outstanding. Awards of 1,298,016 and 1,236,334 for the three and nine months ended September 30, 2022, respectively, and 1,054,691 and 1,022,293 for the three and nine months ended September 30, 2021, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.