Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2021

Earnings Per Share (“EPS”)

Basic EPS represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents computed using the treasury stock method. There were no securities that had a dilutive effect during the quarter ended March 31, 2021, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations. Earnings per share data is not applicable for the quarter ended March 31, 2020 as the Company had no shares outstanding.


	For the Three Months Ended March 31, 2021
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	47,663

Average number of common shares outstanding	186,758,154
Less: Average unallocated ESOP shares	(14,709,110)
Average number of common shares outstanding used to calculate basic earnings per common share	172,049,044
Common stock equivalents	—
Average number of common shares outstanding used to calculate diluted earnings per common share	172,049,044
Earnings per common share
Basic and diluted	$	0.28

All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS.