Earnings Per Share

12 Months Ended

Dec. 31, 2020

NOTE 19 — Earnings Per Share (EPS)

Basic earnings per 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. 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 year ended December 31 is presented in the following table.


	Years ended December 31,
	2020		2019
	(dollars in thousands, except per share amounts)
Net income	$	1,317	$	449

Weighted average shares outstanding for basic EPS
Weighted average shares outstanding		4,807,158		4,876,677
Less: Weighted average unallocated ESOP shares		164,987		172,895

Weighted average shares outstanding for basic EPS		4,642,171		4,703,782
Additional dilutive shares		43,037		—

Weighted average shares outstanding for dilutive EPS		4,685,208		4,703,782

Basic income per share	$	0.28	$	0.10

Diluted income per share	$	0.28	$	0.10