EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

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 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Income in thousands, except share data)
Net loss applicable to common shares	$	(4,041)	$	(1,432)	$	(9,224)	$	(4,466)
Shares
Average number of common shares outstanding	23,214,421		25,320,701		23,669,569		26,354,461
Less: Average unallocated ESOP shares	1,950,939		2,042,211		1,973,674		2,064,862
Average number of common shares outstanding used to calculate basic earnings per common share	21,263,482		23,278,490		21,695,895		24,289,599
Common stock equivalents	—		—		—		—
Average number of common shares outstanding used to calculate diluted earnings per common share	21,263,482		23,278,490		21,695,895		24,289,599
Loss per common share
Basic	$	(0.19)	$	(0.06)	$	(0.43)	$	(0.18)

Diluted	$	(0.19)	$	(0.06)	$	(0.43)	$	(0.18)

Excluded from the earnings per share calculation are anti-dilutive equity awards for the three and nine months ended September 30, 2024, totaling 889,399 and 1,247,575, respectively. For the three and nine months ended September 30, 2023, anti-dilutive equity awards totaling 1,496,475 and 1,278,351, respectively, were excluded from the earnings per share calculation. Due to the Company’s net loss for the three and nine months ended September 30, 2024 and 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.