EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

15. EARNINGS PER SHARE

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. At March 31, 2024 and 2023, respectively, potential common shares of 105,836 and 134,155 were considered to be anti-dilutive and excluded from EPS.

The following table presents earnings per common share.

	Three Months Ended March 31,
	2024		2023
Net income available to common stockholders (in thousands)	$	7,300	$	7,297
Average number of common shares outstanding		45,285,471		48,434,373
Less: Average unallocated ESOP shares and non-vested restricted shares		(3,373,050)		(3,577,149)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		41,912,421		44,857,224
Dilutive effect of share-based compensation		214,616		427,016
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		42,127,037		45,284,240
Earnings per common share:
Basic	$	0.17	$	0.16
Diluted	$	0.17	$	0.16