Earnings (Loss) Per Share ("EPS")

6 Months Ended

Jun. 30, 2024

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.

On July 12, 2024, the Company completed its previously announced merger with Cambridge Bancorp (“Cambridge”). In connection with the merger the Company issued 38.9 million shares of its common stock to the holders of Cambridge’s common stock. Such shares were not included in the computation of the average number of common shares outstanding below. Refer to Refer to Note 16, “Subsequent Events” for further discussion regarding the Company’s merger with Cambridge.


	For the Three Months Ended June 30, 2024		For the Six Months Ended June 30, 2024
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	26,331	$	64,978

Average number of common shares outstanding	176,235,507		176,155,197
Less: Average unallocated ESOP shares	(13,090,252)		(13,151,104)
Average number of common shares outstanding used to calculate basic earnings per common share	163,145,255		163,004,093
Common stock equivalents	354,041		386,328
Average number of common shares outstanding used to calculate diluted earnings per common share	163,499,296		163,390,421

Earnings per common share:
Basic	$	0.16	$	0.40
Diluted	$	0.16	$	0.40


	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:
Net income (loss) from continuing operations	$	44,419	$	(157,662)
Net income from discontinued operations	4,238		12,223
Total net income (loss)	$	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 (loss) 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

Basic earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	0.27	$	(0.98)
Earnings per share from discontinued operations	0.03		0.08
Total basic earnings (loss) per share	$	0.30	$	(0.90)

Diluted earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	0.27	$	(0.98)
Earnings per share from discontinued operations	0.03		0.08
Total diluted earnings (loss) per share	$	0.30	$	(0.90)