Earnings per Share

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023:


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

Net income	$	6,185	$	9,130	$	9,570	$	29,517
Shares:
Weighted average shares outstanding - basic	101,623,160		101,968,294		101,673,619		102,993,215
Weighted average diluted shares outstanding	208,888		129,197		139,634		264,401
Weighted average shares outstanding - diluted	101,832,048		102,097,491		101,813,253		103,257,616
Earnings per share:
Basic	$	0.06	$	0.09	$	0.09	$	0.29
Diluted	$	0.06	$	0.09	$	0.09	$	0.29

During the three and nine months ended September 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 1,027,893 and 975,690, and 744,335 and 642,166, respectively.