Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

NOTE 14 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. For the three and six months ended June 30, 2024, 52,348 and 54,523 shares, respectively, were excluded, based on average share price, from the computation of diluted earnings per share because the effect would be antidilutive. For the three and six months ended June 30, 2023, 130,155 and 11,314 shares, respectively, were excluded, based on average share price, from the computation of diluted earnings per share because the effect would be antidilutive.

Earnings (loss) per common share for the three and six months ended June 30, 2024 and 2023 are presented in the following tables.


	Three months ended June 30,
	2024			2023
	(In thousands, except per share amounts)

Net loss	$	(516	)	$	(508	)

Weighted shares outstanding for basic EPS
Weighted average shares outstanding		5,874,184			5,991,777
Less: Weighted average unallocated ESOP shares		426,677			446,442

Weighted average shares outstanding for basic EPS		5,447,507			5,545,335
Additional dilutive shares(1)		—			—

Weighted average shares outstanding for dilutive EPS		5,447,507			5,545,335

Basic loss per share	$	(0.09	)	$	(0.09	)
Diluted loss per share(1)	$	(0.09	)	$	(0.09	)


	Six months ended June 30,
	2024			2023
	(In thousands, except per share amounts)

Net loss	$	(822	)	$	(869	)

Weighted shares outstanding for basic EPS
Weighted average shares outstanding		5,878,777			5,997,436
Less: Weighted average unallocated ESOP shares		429,129			448,874

Weighted average shares outstanding for basic EPS		5,449,648			5,548,562
Additional dilutive shares (1)		—			—

Weighted average shares outstanding for dilutive EPS		5,449,648			5,548,562

Basic loss per share	$	(0.15	)	$	(0.16	)
Diluted loss per share (1)	$	(0.15	)	$	(0.16	)

(1) For the three and six months ended June 30, 2024 and June 30, 2023, the effect of stock options was anti-dilutive due to the net loss and therefore no dilutive shares are included in the weighted average shares outstanding or diluted loss calculations.