EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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. Non-vested restricted shares that are participating securities are included in the computation of basic EPS. 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.

The following table presents earnings per common share.

	Three Months Ended September 30,
	2022		2021
Net income available to common stockholders (in thousands)	$	13,758	$	12,259
Average number of common shares outstanding		49,626,152		54,021,542
Less: Average unallocated ESOP shares and non-vested restricted shares		(3,795,415)		(4,220,419)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		45,830,737		49,801,123
Dilutive effect of share-based compensation		589,790		862,292
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		46,420,527		50,663,415
Earnings per common share:
Basic	$	0.30	$	0.25
Diluted	$	0.30	$	0.24

	Nine Months Ended September 30,
	2022		2021
Net income available to common stockholders (in thousands)	$	36,012	$	45,927
Average number of common shares outstanding		50,738,918		55,599,758
Less: Average unallocated ESOP shares and non-vested restricted shares		(3,863,606)		(4,237,506)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		46,875,312		51,362,252
Dilutive effect of share-based compensation		666,335		732,497
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		47,541,647		52,094,749
Earnings per common share:
Basic	$	0.77	$	0.89
Diluted	$	0.76	$	0.88