Earnings Per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Net (loss) income applicable to common stock	$	(8,620)	$	4,395
Average number of common shares outstanding		11,074,170		11,127,247
Less: Average unearned ESOP shares		316,420		338,238
Average number of common shares outstanding used to calculate basic earnings per common share		10,757,750		10,789,009
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share		—		25,652
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		—		40,891
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		10,757,750		10,855,552
Earnings (loss) per Common share:
Basic	$	(0.80)	$	0.41
Diluted (1)	$	(0.80)	$	0.40

(1)    Because the Company was in a net loss position for the year ended December 31, 2024, diluted net loss per share is the same as basic net loss per share, as the inclusion of potentially dilutive common shares would have been anti-dilutive. The weighted average anti-dilutive common shares not included in the calculation of diluted earnings per share were 97,954.