22.EARNINGS PER SHARE (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unvested restricted shares are participating securities and included in the computation of basic earnings per share. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period. Unallocated ESOP shares are not deemed outstanding for EPS calculations. For the years ended December 31, 2019, 2018 and 2017, earnings per common share have been computed based on the following:


	Year Ended December 31,
	2019		2018		2017

Net income applicable to common stock (in thousands)	$	18,268	$	11,394	$	10,379

Average number of common shares outstanding		58,451,387		58,549,990		58,035,264
Less: Average unallocated ESOP shares		(2,719,750)		(1,860,399)		(1,966,975)
Average number of common shares outstanding used to calculate basic earnings per common share		55,731,637		56,689,591		56,068,289
Common stock equivalents		139		—		—
Average number of common shares outstanding used to calculate diluted earnings per common share		55,731,776		56,689,591		56,068,289

Earnings per common share:
Basic	$	0.33	$	0.20	$	0.19
Diluted	$	0.33	$	0.20	$	0.19

Share amounts related to periods prior to the August 14, 2019 closing of the conversion offering have been restated to give retroactive recognition to the 1.795431 exchange ratio applied in the conversion offering.

Options for 2,169,243, 1,778,407 and 1,585,924 shares were not included in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017, respectively, because to do so would have been antidilutive.