Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Common Share [Abstract]

Earnings Per Common Share

(12)    Earnings Per Common Share

Basic earnings per share represents 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 common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings per share calculations.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share amounts)	2020		2019		2020		2019
Net Income attributable to common shareholders	$	3,202	$	3,509	$	7,683	$	8,258
Average number of common shares issued		19,472,310		19,521,324		19,474,495		19,523,921
Less:
average unallocated ESOP shares		(1,196,856)		(516,906)		(1,219,160)		(531,420)
average unvested restricted stock		(89,459)		(144,393)		(105,590)		(160,263)
average treasury stock acquired		—		(73,333)		—		(73,333)
Average number of common shares outstanding
to calculate basic earnings per common share		18,185,995		18,786,692		18,149,745		18,758,905
Effect of dilutive unvested restricted stock and stock option awards		36,771		179,232		34,805		115,895
Average number of common shares outstanding
to calculate diluted earnings per common share		18,222,766		18,965,924		18,184,550		18,874,800
Earnings per common share:
Basic	$	0.18	$	0.19	$	0.42	$	0.44
Diluted	$	0.18	$	0.19	$	0.42	$	0.44

Share amounts related to periods prior to the date of the Conversion (October 16, 2019) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (2.0212-to-one).

For the three months ended September 30, 2020 and 2019, 195,689 and 8,853 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. For the nine months ended September 30, 2020 and 2019, 65,942 and 14,003 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.