Earnings Per Share

9 Months Ended

Sep. 30, 2020

NOTE 14 – EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period, excluding outstanding participating securities. Participating securities include

non-vested

restricted stock awards and restricted stock units, though no actual shares of common stock related to restricted stock units are issued until the settlement of such units, to the extent holders of these securities receive

non-forfeitable

dividends or dividend equivalents at the same rate as holders of the Company’s common stock. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations.

Earnings per common share for the three and nine months ended September 30, 2020 are presented in the following table.


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)				(In thousands, except per share amounts)
Net income (loss)	$	412	$	436	$	893	$	(44	)

Weighted shares outstanding for basic EPS
Weighted average shares outstanding		4,647		4,877		4,660		4,877
Less: Weighted average unallocated ESOP shares		165		172		166		174

Weighted average shares outstanding for basic EPS		4,482		4,705		4,494		4,703
Additional dilutive shares		38		—		36		—

Weighted average shares outstanding for dilutive EPS		4,520		4,705		4,530		4,703

Basic and diluted income (loss) per share	$	0.09	$	0.09	$	0.20	$	(0.01	)