Earnings (Loss) Per Share ("EPS")

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share ("EPS")

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 September 30, 2023		For the Nine Months Ended September 30, 2023
	(Dollars in thousands, except per share data)
Net income (loss) applicable to common shares:
Net income (loss) from continuing operations	$	63,464	$	(94,198)
Net (loss) income from discontinued operations	(4,351)		7,872
Total net income (loss)	$	59,113	$	(86,326)
Average number of common shares outstanding	175,832,085		175,783,313
Less: Average unallocated ESOP shares	(13,461,616)		(13,584,155)
Average number of common shares outstanding used to calculate basic earnings (loss) per common share	162,370,469		162,199,158
Common stock equivalents	99,418		61,345
Average number of common shares outstanding used to calculate diluted earnings (loss) per common share	162,469,887		162,260,503
Basic earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	0.39	$	(0.58)
(Loss) earnings per share from discontinued operations	(0.03)		0.05
Total basic earnings (loss) per share	$	0.36	$	(0.53)
Diluted earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	0.39	$	(0.58)
(Loss) earnings per share from discontinued operations	(0.03)		0.05
Total diluted earnings (loss) per share	$	0.36	$	(0.53)

	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:
Net income from continuing operations	$	52,808	$	145,593
Net income from discontinued operations	1,969		11,872
Total net income	$	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
Basic earnings per common share:
Earnings per share from continuing operations	$	0.32	$	0.87
Earnings per share from discontinued operations	0.01		0.07
Total basic earnings per share	$	0.33	$	0.94
Diluted earnings per common share:
Earnings per share from continuing operations	$	0.32	$	0.87
Earnings per share from discontinued operations	0.01		0.07
Total diluted earnings per share	$	0.33	$	0.94