Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 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 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 Company. 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 three and nine months ended September 30, 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 September 30, 2022		For the Nine Months Ended September 30, 2022
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	54,777	$	157,465

Average number of common shares outstanding	177,677,074		180,764,479
Less: Average unallocated ESOP shares	(13,958,112)		(14,082,257)
Average number of common shares outstanding used to calculate basic earnings per common share	163,718,962		166,682,222
Common stock equivalents	310,687		185,421
Average number of common shares outstanding used to calculate diluted earnings per common share	164,029,649		166,867,643
Earnings per common share
Basic	$	0.33	$	0.94
Diluted	$	0.33	$	0.94


	For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2021
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	37,106	$	119,578

Average number of common shares outstanding	186,758,154		186,758,154
Less: Average unallocated ESOP shares	(14,459,539)		(14,583,685)
Average number of common shares outstanding used to calculate basic earnings per common share	172,298,615		172,174,469
Common stock equivalents	—		—
Average number of common shares outstanding used to calculate diluted earnings per common share	172,298,615		172,174,469
Earnings per common share
Basic	$	0.22	$	0.69
Diluted	$	0.22	$	0.69