Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share

Earnings Per Share

Note 9. Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted EPS is computed using the weighted average number of shares outstanding during the period, including the effect of all potentially dilutive shares outstanding attributable to stock instruments.  

Applicable guidance requires that outstanding, unvested share-based payment awards that contain voting rights and rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. Accordingly, the weighted average number of shares of the Company’s common stock used in the calculation of basic and diluted net income per common share includes unvested shares of the Company’s outstanding restricted common stock.

The following table presents basic and diluted EPS for the three and six months ended June 30, 2022 and 2021:

	Net Income Applicable
	to Basic Earnings		Weighted Average
(Dollars in thousands, except per share data)	Per Common Share		Shares Outstanding
For the three months ended June 30, 2022
Basic EPS	$	3,179		17,962	$	0.177
Effect of dilutive stock awards		—		32		—
Diluted EPS	$	3,179		17,994	$	0.177
For the six months ended June 30, 2022
Basic EPS	$	5,288		17,960	$	0.294
Effect of dilutive stock awards		—		73		—
Diluted EPS	$	5,288		18,033	$	0.293
For the three months ended June 30, 2021
Basic EPS	$	2,163		17,748	$	0.122
Effect of dilutive stock awards		—		45		—
Diluted EPS	$	2,163		17,793	$	0.122
For the six months ended June 30, 2021
Basic EPS	$	3,253		17,741	$	0.183
Effect of dilutive stock awards		—		37		—
Diluted EPS	$	3,253		17,778	$	0.183