Note 10 - Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10 - Earnings (Loss) per Common Share

The two-class method is used for computing basic and diluted earnings per share. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participating rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands, except share data)
Net income:
Net (loss) income available to common shareholders	$	(1,980	)	$	2,504		$	(3,803	)	$	7,808
Dividends and undistributed earnings allocated to participating securities		(1	)		(11	)		(3	)		(39	)
(Loss) earnings allocated to common shareholders	$	(1,981	)	$	2,493		$	(3,806	)	$	7,769
Basic:
Weighted average common shares outstanding		9,419,143			9,631,929			9,469,960			9,666,900
Weighted average unvested restricted stock awards		(115,322	)		(125,338	)		(104,622	)		(143,326	)
Weighted average unallocated ESOP shares		(547,056	)		(600,065	)		(560,214	)		(613,183	)
Total basic weighted average common shares outstanding		8,756,765			8,906,526			8,805,124			8,910,391
Diluted:
Basic weighted average common shares outstanding		8,756,765			8,906,526			8,805,124			8,910,391
Dilutive restricted stock awards		—			28,356			—			20,013
Total diluted weighted average common shares outstanding		8,756,765			8,934,882			8,805,124			8,930,404
Basic (loss) earnings per common share	$	(0.23	)	$	0.28		$	(0.43	)	$	0.87
Diluted (loss) earnings per common share	$	(0.23	)	$	0.28		$	(0.43	)	$	0.87

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At  September 30, 2024 and 2023, antidilutive shares as calculated under the treasury stock method totaled 20,663 and 13,582, respectively.