Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

NOTE 11 – EARNINGS PER COMMON SHARE

The factors used in the earnings per common share computation follow:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021(1)			2022			2021(1)
Earnings per share
Net Income	$	1,312		$	847		$	2,322		$	1,632
Less: Distributed earning allocated to participating securities		—			—			—			—
Less: Earnings allocated to participating securities		(10	)		—			(35	)		(26	)
Net earnings allocated to common stock		1,302			847			2,287			1,606
Weighted common shares outstanding including participating securities		7,405,893			6,734,092			7,405,893			6,733,999
Less: Participating securities		(181,811	)		(227,272	)		(181,811	)		(227,272	)
Less: Average unearned ESOP shares		(352,079	)		(16,060	)		(353,911	)		(16,060	)
Weighted average shares		6,872,003			6,490,760			6,870,171			6,490,667
Basic earnings per share	$	0.19		$	0.13		$	0.33		$	0.25
Dilutive
Net earnings allocated to common stock		1,302			847			2,287			1,606
Weighted average shares		6,872,003			6,490,760			6,870,171			6,490,667
Add: dilutive effects of assumed exercises of stock options		93,129			293,901			86,568			294,423
Average shares and dilutive potential common shares		6,965,132			6,784,661			6,956,739			6,785,090
Dilutive earnings per share	$	0.19		$	0.12		$	0.33		$	0.24

(1) Share amounts related to the periods prior to the July 15, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 2.8409 exchange ratio applied in the conversion offering (see Note 1).

There were no antidilutive shares for the three and six months ended June 30, 2022 and 2021.