Earnings Per Share

12 Months Ended

Dec. 31, 2021

NOTE 18 — Earnings Per Share (EPS)

Basic earnings per share is computed by dividing net 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.

Earnings per common share for the years ended December 31, 2021 and 2020 is presented in the following table.


	Years ended December 31,
	2021 (1)		2020 (2)		2020 (1) (Unaudited)
	(dollars in thousands, except per share amounts)
Net income	$	85	$	1,317	$	1,317
Weighted shares outstanding for basic EPS
Weighted average shares outstanding		6,248,678		4,807,158		6,327,662
Less: Weighted average unallocated ESOP shares		261,514		164,987		217,172

Weighted average shares outstanding for basic EPS		5,987,164		4,642,171		6,110,490
Additional dilutive shares		203,245		43,037		56,649

Weighted average shares outstanding for dilutive EPS		6,190,409		4,685,208		6,167,139

Basic income per share	$	0.01	$	0.28	$	0.22

Diluted income per share	$	0.01	$	0.28	$	0.21

(1)	Amounts related to periods prior to the date of Conversion (July 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1).

(2)	Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1).