Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings per share

Earnings Per Share

NOTE 3 – Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period, excluding

outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, though no actual shares of common stock related to restricted stock units are issued until the settlement of such units, to the extent holders of these securities receive non-forfeitable dividends or dividend equivalents at the same rate as holders of the Company’s common stock. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations.

The following table presents the earnings per share calculations for the three and nine months ended September 30:

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income	$	510	$	459	$	1,716	$	1,581
Basic potential common shares
Weighted average shares outstanding		5,728,305		6,912,234		6,153,345		7,182,778
Weighted average unallocated Employee Stock Ownership Plan Shares		(530,179)		(560,767)		(539,101)		(569,689)
Basic weighted average shares outstanding		5,198,126		6,351,467		5,614,244		6,613,089
Dilutive potential common shares		36,120		22,535		25,368		15,713
Dilutive weighted average shares outstanding		5,234,246		6,374,002		5,639,612		6,628,802
Basic earnings per share	$	0.10	$	0.07	$	0.31	$	0.24
Diluted earnings per share	$	0.10	$	0.07	$	0.30	$	0.24