EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Basic earning per share (“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 year ended December 31, 2021, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the ESOP not 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 for the year ended December 31, 2021 was calculated using 12,171,050 weighted average shares outstanding which represents zero shares outstanding prior to the conversion on July 15, 2021. Earnings per share data is not applicable for the year ended December 31, 2020 as the Company had no shares outstanding.


	Twelve Months Ended December 31, 2021
	(Income In thousands)
Net loss applicable to common shares	$	(36,342)

Average number of common shares outstanding	13,206,308
Less: Average unallocated ESOP shares	1,035,258
Average number of common shares outstanding used to calculate basic earnings per common share	12,171,050
Common stock equivalents	—

Net loss per share available to common shareholders-Basic and Diluted	$	(2.99)