EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Basic earnings 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 unexercised stock options and unvested restricted stock) 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.

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.


	Three months ended March 31,
			2023		2022
		(Income In thousands)
Net (loss) income applicable to common shares			$	(1,209)	$	553

Shares
Average number of common shares outstanding			27,462,373		28,522,500
Less: Average unallocated ESOP shares			2,087,720		2,178,992
Average number of common shares outstanding used to calculate basic earnings per common share			25,374,653		26,343,508
Common stock equivalents			—		—
Average number of common shares outstanding used to calculate diluted earnings per common share			25,374,653		26,343,508

Earnings per common share
Basic			$	(0.05)	$	0.02
Diluted			$	(0.05)	$	0.02

Excluded from the earnings per share calculation are anti-dilutive equity awards for the three months ended March 31, 2023, totaling 909,804. There were no securities or other contracts that had a dilutive effect for the three months ended March 31, 2022