EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Net Income Attribute To Common Stockholders

The following table summarizes net income attributable to common stockholders used in the calculation of basic and diluted income per common share:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
(Dollars in thousands - except share and per share amounts)
Distributed earnings allocated to common stock	$	—	$	—	$	—	$	—
Net income attributable to common stock and participating securities used to calculate basic (loss) earnings per share	3,560		20,028		3,284		38,763
Net earnings allocated to Series A convertible preferred stock	(1,196)		10,619		(2,380)		18,984
Net earnings allocated to common stock and participating securities	$	2,363	$	30,647	$	904	$	57,747

Weighted average shares outstanding	13,881,302		11,094,404		12,766,250		12,036,074
Dilutive effect of pre-funded warrants	300,357		300,357		300,357		300,357
Weighted average shares outstanding - basic	14,181,659		11,394,761		13,066,607		12,336,431

Weighted average common shares outstanding	13,881,302		11,094,404		12,766,250		12,036,074
Weighted average pre-funded warrants	300,357		300,357		300,357		300,357
Weighted average warrants (equity)	—		638,296		—		687,976
Weighted average warrants (liabilities)	—		443,763		—		478,301
Weighted average options	110,405		394,476		121,528		412,274
Weighted average shares outstanding - diluted	14,292,064		12,871,296		13,188,135		13,914,982

Basic income per common share	$	0.12	$	1.76	$	0.05	$	3.14
Diluted income per common share	$	0.12	$	0.81	$	—	$	1.98

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

The following common stock equivalent shares were excluded from the computation of the diluted income per share since their inclusion would have been anti-dilutive:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022

Stock options	243,958	245,032	243,958	245,032
Restricted stock units	291,739	59,989	291,739	59,989
Shares issuable under the Employee Stock Purchase Plan	27,266	5,611	27,266	5,611
Share equivalents excluded from diluted EPS	562,963	310,632	562,963	310,632