16. Earnings Per Share

Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents (such as options) were issued during the period. Unearned ESOP shares are not deemed outstanding for earnings per share calculations. For the three and nine months ended September 30, 2020, there were 433,385 options and 169,769 shares of nonvested restricted stock outstanding at an average weighted price of $6.57 per share that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. There were no potentially dilutive common stock equivalents for the three and nine months ended September 30, 2019.


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020			2019
Net income applicable to common stock	$	1,150	$	2,091	$	3,573	$	4,223

Average number of common shares outstanding		11,133,290		11,133,290		11,133,290		11,133,290
Less: Average unearned ESOP shares		400,969		422,790		406,423		428,244
Average number of common shares outstanding used to calculate basic and diluted earnings per common share		10,732,321		10,710,500		10,726,867		10,705,046

Earnings per Common share:
Basic	$	0.10	$	0.20	$	0.33	$	0.39
Diluted	$	0.10	$	0.20	$	0.33	$	0.39