Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

10.	EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share represents net income (loss) divided by the weighted average of common shares outstanding during the period. Unvested restricted shares of common stock having dividend rights are treated as “participating securities” and, accordingly,

are considered outstanding in computing basic earnings (loss) per share. Unallocated ESOP shares are not considered to be outstanding for purposes of computing earnings per share.

The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted earnings (loss) per share for the periods indicated:

	Three Months Ended March 31,
	2022			2021
Average number of common shares outstanding		5,169,802			5,429,422
Less: Average unallocated ESOP shares		(354,477	)		(373,257	)
Average number of common shares outstanding used to calculate basic earnings per share		4,815,325			5,056,165
Effect of dilutive stock options		199,213			198,742
Average number of common shares outstanding used to calculate dilutive earnings per share		5,014,538			5,254,907