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Earnings Per Share of Common Stock
 6 Months Ended
Jun. 30, 2024
Earnings Per Share of Common Stock [Abstract]  
Earnings Per Share of Common Stock
NOTE 2 – Earnings Per Share of Common Stock
 

Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net income available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the period.  The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock. Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for this calculation unless unearned.  Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock compensation plans. Stock options for 12,500 and 31,250 shares of common stock at June 30,2024 and 2023, respectively, were not considered in computing diluted earnings per common share because they were anti‑dilutive.



The following table shows how the Company computed basic and diluted earnings per share of common stock for the periods indicated: 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2024
    
2023
     2024     2023  
   
(In thousands, except share and per share data)
  
Net income attributable to Broadway Financial Corporation
  
$
269
    
$
243
     $ 105     $ 1,816  
Less: Net income attributable to participating securities
    
6
      
4
       3       27  
Income available to common stockholders
  
$
263
    
$
239
     $ 102     $ 1,789  
                                 
Weighted average common shares outstanding for basic earnings per common share(1)
    
8,394,367
      
8,683,764
       8,308,359       8,772,198  
Add: Dilutive effects of unvested restricted stock awards(1)
   
202,618
      
128,230
       204,903
       130,149
  
Weighted average common shares outstanding for diluted earnings per common share(1)
    
8,596,985
      
8,811,994
       8,513,262       8,902,347  
                                 
Earnings per common share - basic(1)
  
$
0.03
    
$
0.03
     $ 0.01     $ 0.20  
Earnings per common share - diluted(1)
  
$
0.03
    
$
0.03
     $ 0.01     $ 0.20  

(1)  Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 1