Earnings per share was computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share attributable to class A common shares, class A common shares designated as class A-2 common shares, and class B common shares:


	Quarters Ended March 31,
(Dollars in thousands, except share and per share data)	2025			2024
Numerator:
Net income (loss)	$	(3,989	)	$	11,366
Less: preferred stock distributions		110			110
Net income available to common shareholders	$	(4,099	)	$	11,256

Denominator:
Weighted average shares for basic earnings per share		13,867,271			13,579,210
Non-vested restricted stock units		—			47,335
Options		—			60,867
Weighted average shares for diluted earnings per share		13,867,271			13,687,412

Net income per share available to common shareholders (1)
Basic	$	(0.30	)	$	0.83
Diluted	$	(0.30	)	$	0.82

(1)

For the quarter ended March 31, 2025, “weighted average shares outstanding - basic” was used to calculate “diluted earnings per share” due to a net loss for the period.

If the Company had not incurred a loss during the quarter ended March 31, 2025, 13,986,069 weighted average shares would have been used to compute the diluted loss per share calculation. In addition to the basic shares, weighted average shares for the diluted calculation for the quarter ended March 31, 2025 would have included 118,798 share equivalents for options.

The weighted average shares outstanding used to determine dilutive earnings per share does not include 166,669 options and 550,000 options for the quarters ended March 31, 2025 and 2024, respectively, which were deemed to be anti-dilutive.