Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock and performance-based restricted stock units.

Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock and performance-based restricted stock units vested. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method, the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock, performance-based restricted stock units and stock options were added. This sum was then divided by the average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share.

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income available to common stockholders	$	10,751	$	6,523	$	28,198	$	18,694

Weighted average shares outstanding-basic	39,702,018		41,028,213		40,246,854		41,794,149
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding	58,729		60,424		46,083		35,081
Weighted average shares outstanding-diluted	39,760,747		41,088,637		40,292,937		41,829,230
Earnings per share-basic	$	0.27	$	0.16	$	0.70	$	0.45
Earnings per share-diluted	$	0.27	$	0.16	$	0.70	$	0.45
Anti-dilutive shares	382,498		706,143		854,865		1,496,292