Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(4) Earnings Per Share. Basic earnings per share have been computed on the basis of the weighted-average number of shares of common stock outstanding during the periods. During the three and nine months periods ended September 30, 2024 and 2023, Series C convertible Preferred, each share of Series C Convertible Preferred can be converted into one share of common stock at any time at the option of the holder. The conversion feature is considered to be diluted earnings per share (EPS) in accordance with ASC 260. The dilutive effect is calculated using the if-converted method.

	Three Months Ended												Nine Months Ended
	September 30,												September 30,
	2024						2023						2024						2023
(dollars in thousands, except per share amounts)	Earnings		Weighted  Average Shares		Amount		Earnings		Weighted  Average Shares		Amount		Earnings		Weighted  Average Shares		Amount		Earnings		Weighted  Average Shares		Amount
Basic EPS:
Net earnings	$	3,302		9,763,319	$	0.34	$	1,269		7,250,218		0.18	$	9,173		9,009,138		1.02	$	3,734		7,234,793	$	0.52
Effect of conversion of series C preferred shares				525,641						—						356,822						—
Diluted EPS:
Net earnings	$	3,302		10,288,960	$	0.32	$	1,269		7,250,218		0.18	$	9,173		9,365,960		0.98	$	3,734		7,234,793	$	0.52

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)