| Note 9. |
Earnings (Loss) Per Common Share
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A reconciliation of the numerator and denominator used in the earnings (loss) per common share calculations is as follows:
| | | Three Months Ended June 30, 2025 | | | | | Earnings | | | Weighted Average Shares (In thousands) | | | Per Share Amount | | | Basic Earnings Per Common Share: | | | | | | | | | | | Net income | | $ | 3,316 | | | | 20,397 | | | | | | Less preferred stock dividends | | | (100 | ) | | | — | | | | | | Net income applicable to common shareholders | | $ | 3,216 | | | | 20,397 | | | $ | 0.16 | | | Diluted Earnings Per Common Share: | | | | | | | | | | | | | | Effect of Series D preferred stock | | | 100 | | | | 1,378 | | | | | | | Net income applicable to common shareholders | | $ | 3,316 | | | | 21,775 | | | $ | 0.15 | |
| | | Three Months Ended June 30, 2024 | | | | | Loss | | | Weighted Average Shares (In thousands) | | | Per Share Amount | | | Basic and Diluted Loss Per Common Share: | | | | | | | | | | | Net loss | | $ | (684 | ) | | | 20,400 | | | | | | Less preferred stock dividends | | | (100 | ) | | | — | | | | | | Net loss applicable to common shareholders | | $ | (784 | ) | | | 20,400 | | | $ | (0.04 | ) |
| | | Six Months Ended June 30, 2025 | | | | | Earnings | | | Weighted Average Shares (In thousands) | | | Per Share Amount | | | Basic Earnings Per Common Share: | | | | | | | | | | | Net income | | $ | 4,118 | | | | 20,398 | | | | | | Less preferred stock dividends | | | (199 | ) | | | — | | | | | | Net income applicable to common shareholders | | $ | 3,919 | | | | 20,398 | | | $ | 0.19 | | | Diluted Earnings Per Common Share: | | | | | | | | | | | | | | Effect of Series D preferred stock | | | 199 | | | | 1,378 | | | | | | | Net income applicable to common shareholders | | $ | 4,118 | | | | 21,776 | | | $ | 0.19 | | | | | Six Months Ended June 30, 2024 | | | | | Loss | | | Weighted Average Shares (In thousands) | | | Per Share Amount | | | Basic and Diluted Loss Per Common Share: | | | | | | | | | | | Net loss | | $ | (2,682 | ) | | | 20,401 | | | | | | Less preferred stock dividends | | | (199 | ) | | | — | | | | | | Net loss applicable to common shareholders | | $ | (2,881 | ) | | | 20,401 | | | $ | (0.14 | ) |
The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings (loss) per common share calculation for the three month and six month periods ended June 30, 2024,
since its impact would have been antidilutive.
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