Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Common Share

Earnings Per Common Share

3. Earnings Per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding was 2,351,000 and 2,360,000, for the three months ended March 31, 2022 and 2021.   The Company has not granted any restricted stock awards or stock options and had no potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released.