Earnings (Loss) Per Share ("EPS")

6 Months Ended

Jun. 30, 2023

Earnings (Loss) Per Share (“EPS”)

Basic EPS represents income/(loss) allocable 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/(loss) allocable 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. 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 June 30, 2023		For the Six Months Ended June 30, 2023
	(Dollars in thousands, except per share data)
Net income (loss) applicable to common shares	$	48,657	$	(145,439)

Average number of common shares outstanding	175,817,284		175,758,658
Less: Average unallocated ESOP shares	(13,585,048)		(13,646,435)
Average number of common shares outstanding used to calculate basic earnings per common share	162,232,236		162,112,223
Common stock equivalents	14,439		24,761
Average number of common shares outstanding used to calculate diluted earnings (loss) per common share	162,246,675		162,136,984
Earnings (loss) per common share
Basic	$	0.30	$	(0.90)
Diluted	$	0.30	$	(0.90)


	For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	51,172	$	102,688

Average number of common shares outstanding	180,616,939		182,329,881
Less: Average unallocated ESOP shares	(14,083,019)		(14,145,353)
Average number of common shares outstanding used to calculate basic earnings per common share	166,533,920		168,184,528
Common stock equivalents	39,707		63,718
Average number of common shares outstanding used to calculate diluted earnings per common share	166,573,627		168,248,246
Earnings per common share
Basic	$	0.31	$	0.61
Diluted	$	0.31	$	0.61