EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

15. 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.  

	Three Months Ended June 30,
	2020		2019
Net income applicable to common stock (in thousands)	$	10,575	$	4,781
Average number of common shares outstanding		58,418,021		58,471,680
Less: Average unallocated ESOP shares		(3,967,875)		(1,767,383)
Average number of common shares outstanding used to calculate basic earnings per common share		54,450,146		56,704,297
Common stock equivalents		—		—
Average number of common shares outstanding used to calculate diluted earnings per common share		54,450,146		56,704,297
Earnings per common share:
Basic	$	0.19	$	0.08
Diluted	$	0.19	$	0.08

	Six Months Ended June 30,
	2020		2019
Net income available to common stockholders (in thousands)	$	15,299	$	6,848
Average number of common shares outstanding		58,418,021		58,466,373
Less: Average unallocated ESOP shares		(3,996,715)		(1,780,632)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		54,421,306		56,685,741
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		54,421,306		56,685,741
Earnings per common share:
Basic	$	0.28	$	0.12
Diluted	$	0.28	$	0.12
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.

Stock options for 2,169,243 and 2,240,307 shares of common stock for the three and six months ended June 30, 2020 and 2019, respectively, were not considered in computing diluted earnings per share because they were antidilutive.