Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2022

Earnings Per Share (“EPS”)

Basic EPS represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the year. 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 Company. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the year, 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 three months ended March 31, 2021. 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.


	For the Three Months Ended March 31,
	2022		2021
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	51,516	$	47,663

Average number of common shares outstanding	184,066,326		186,758,154
Less: Average unallocated ESOP shares	(14,208,376)		(14,709,110)
Average number of common shares outstanding used to calculate basic earnings per common share	169,857,950		172,049,044
Common stock equivalents - share-based compensation	110,206		—
Average number of common shares outstanding used to calculate diluted earnings per common share	169,968,156		172,049,044
Earnings per common share
Basic	$	0.30	$	0.28
Diluted	$	0.30	$	0.28