Earnings Per Share

12 Months Ended

Dec. 31, 2022

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.

	Year Ended December 31,
	2022		2021
Net income applicable to common stock	$	6,997	$	11,558
Average number of common shares outstanding		11,199,387		11,151,064
Less: Average unearned ESOP shares		360,052		381,873
Average number of common shares outstanding used to calculate basic earnings per common share		10,839,335		10,769,191
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share		49,650		73,235
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		115,612		111,940
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		11,004,597		10,954,366
Earnings per Common share:
Basic	$	0.65	$	1.07
Diluted	$	0.64	$	1.06