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)	2026		2025
Numerator:
Net income (loss)	$	4,246	$	(3,989	)
Less: preferred stock distributions		110		110
Net income (loss) available to common shareholders	$	4,136	$	(4,099	)

Denominator:
Weighted average shares for basic earnings per share		14,351,153		13,867,271
Options		54,082		—
Weighted average shares for diluted earnings per share		14,405,235		13,867,271

Net income (loss) per share available to common shareholders (1)
Basic	$	0.29	$	(0.30	)
Diluted	$	0.29	$	(0.30	)

(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 used to compute basic and diluted earnings per share for the quarter ended March 31, 2026 do not include 230,000 non-vested class A common shares designated as class A-2 common shares. Holders of these shares are not entitled to distributions or participation in earnings prior to vesting and therefore are excluded from basic earnings per share. In addition, these shares vest only upon the occurrence of a change of control transaction subject to continued service. Because no change of control occurred during the quarter ended March 31, 2026, the vesting contingency was not satisfied and the shares were excluded from diluted earnings per share. Additionally, the weighted average shares outstanding used to determine dilutive earnings per share does not include options of 650,000 and 166,669 for the quarters ended March 31, 2026 and 2025, respectively, which were deemed to be anti-dilutive.