Earnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. Presented below are the calculations for basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(dollars in thousands, except per share data)	2025		2024
Net (loss) income	$	(140,974)	$	22,663
Preferred dividends declared	(2,228)		(2,228)

Net (loss) income available to common shareholders	(143,202)		20,435
Common shareholder dividends	(6,666)		(6,666)
Unvested restricted stock award dividends	(116)		(106)
Undistributed earnings to unvested restricted stock awards	—		(209)
Undistributed (loss) earnings to common shareholders	$	(149,984)	$	13,454
Basic
Distributed earnings to common shareholders	$	6,666	$	6,666
Undistributed (loss) earnings to common shareholders	(149,984)		13,454
Total common shareholders (loss) earnings, basic	$	(143,318)	$	20,120
Diluted
Distributed earnings to common shareholders	$	6,666	$	6,666
Undistributed (loss) earnings to common shareholders	(149,984)		13,454
Total common shareholders (loss) earnings	(143,318)		20,120
Add back:
Undistributed earnings reallocated from unvested restricted stock awards	—		—
Total common shareholders (loss) earnings, diluted	$	(143,318)	$	20,120
Weighted average common shares outstanding, basic	21,795,570		21,774,647
Dilutive effect of options	—		13,044
Weighted average common shares outstanding, diluted	21,795,570		21,787,691
Basic (loss) earnings per common share	$	(6.58)	$	0.92
Diluted (loss) earnings per common share	(6.58)		0.92

Antidilutive stock options(1)	253,061		235,652

(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods. For periods in which a net loss is recognized all contingently issuable shares are reported as antidilutive.