Earnings Per Share

3 Months Ended

Sep. 30, 2022

Earnings Per Share

Earnings Per Share

Note 2- Earnings Per Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released.  Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the treasury stock method. There were no dilutive effects for the three months ended September 30, 2022 or 2021. Set forth below is the calculation of earnings per share.

	For the Three Months
	Ended September 30,
	2022		2021
	(Dollars in thousands)
Net income applicable to common stock	$	511,153	$	417,091
Average number of shares outstanding		2,229,497		2,229,497
Less: Average unallocated ESOP shares		81,716		85,961
Average number of common shares outstanding used to calculate basic and diluted earnings per share		2,147,781		2,143,536
Earnings per common share:
Basic	$	0.24	$	0.19
Diluted		0.24		0.19