EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

Basic EPS represents income available 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 entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

There were no securities or other contracts that had a dilutive effect during the three and nine months ended September 30, 2021, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. 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. Earnings per share data is not applicable for the three and nine months ended September 30, 2020 as the Company had no shares outstanding.


	Three Months Ended September 30,
	2021
	(Income In thousands)
Net income applicable to common shares	$	(14,970)

Average number of common shares outstanding	23,872,092
Less: Average unallocated ESOP shares	1,892,231
Average number of common shares outstanding used to calculate basic earnings per common share	21,979,861
Common stock equivalents	—
Earnings per common share basic and diluted	$	(0.68)

All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. The Company did not present earnings per share for the nine months ended September 30, 2021 because the year-to-date weighted average computation would present a figure that would not aid investors in understanding the Company’s financial results.