Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Earnings Per Share

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. For the year ended December 31, 2023, there were 15,000 options outstanding at an average weighted price of $7.90 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 anti-dilutive options for year ended December 31, 2022. Unearned ESOP shares are not deemed outstanding for earnings per share calculations.

	Year Ended December 31,
	2023		2022
Net income applicable to common stock	$	4,395	$	6,997
Average number of common shares outstanding		11,127,247		11,199,387
Less: Average unearned ESOP shares		338,238		360,052
Average number of common shares outstanding used to calculate basic earnings per common share		10,789,009		10,839,335
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share		25,652		49,650
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		40,891		115,612
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		10,855,552		11,004,597
Earnings per Common share:
Basic	$	0.41	$	0.65
Diluted	$	0.40	$	0.64