Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share

Earnings Per Share

17. 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 year ended December 31, 2020, there were 448,385 options outstanding at an average weighted price of $6.61 per share that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive.

	Year Ended December 31,
	2021			2020
Net income applicable to common stock	$	11,558	$	5,917
Average number of common shares outstanding		11,151,064		11,133,290
Less: Average unearned ESOP shares		381,873		403,694
Average number of common shares outstanding used to calculate basic earnings per common share		10,769,191		10,729,596
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share		73,235		10,245
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		111,940		—
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		10,954,366		10,739,841
Earnings per Common share:
Basic	$	1.07	$	0.55
Diluted	$	1.06	$	0.55