(Loss) Earnings Per Share (“EPS”)

3 Months Ended

Mar. 31, 2025

Basic EPS represents (loss)/income 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 (loss)/income 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. The following are the components and results of the Company’s earnings per common share calculations for the periods presented:


	For the Three Months Ended March 31,
	2025		2024
	(Dollars in thousands, except per share data)
Net (loss) income applicable to common shares	$	(217,666)	$	38,647

Average number of common shares outstanding	212,739,981		176,075,495
Less: Average unallocated ESOP shares	(12,719,274)		(13,211,955)
Average number of common shares outstanding used to calculate basic earnings per common share	200,020,707		162,863,540
Common stock equivalents	1,395,138		324,870
Average number of common shares outstanding used to calculate diluted earnings per common share	201,415,845		163,188,410

(Loss) earnings per common share:
Basic	$	(1.09)	$	0.24
Diluted	$	(1.08)	$	0.24