Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)

Net income	$	4,540	$	1,664	$	3,385	$	20,387
Shares:
Weighted average shares outstanding - basic	101,651,511		102,409,035		101,699,126		103,514,169
Weighted average diluted shares outstanding	—		108,549		105,260		321,066
Weighted average shares outstanding - diluted	101,651,511		102,517,584		101,804,386		103,835,235
Earnings per share:
Basic	$	0.04	$	0.02	$	0.03	$	0.20
Diluted	$	0.04	$	0.02	$	0.03	$	0.20

During the three and six months ended June 30, 2024 and 2023, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,834,101 and 949,748, and 527,338 and 438,712, respectively.