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Earnings per Share ("EPS")
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share ("EPS")

NOTE 11 - EARNINGS PER SHARE ("EPS")

Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the

exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

(Dollars in thousands, except per share data)

 

 

 Net income allocated to common stock

 

$

1,133

 

 

$

1,341

 

 

$

2,545

 

 

$

3,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Weighted-average common shares outstanding used to calculate basic earnings per common share

 

 

8,240,602

 

 

 

8,486,577

 

 

 

8,268,550

 

 

 

8,485,936

 

 

 Add: Dilutive effect of restricted stock awards

 

 

103,134

 

 

 

—

 

 

 

85,620

 

 

 

—

 

 

 Weighted-average common shares outstanding used to calculate diluted earnings per common share

 

 

8,343,736

 

 

 

8,486,577

 

 

 

8,354,170

 

 

 

8,485,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 Basic

 

$

0.14

 

 

$

0.16

 

 

$

0.31

 

 

$

0.43

 

 

 Diluted

 

$

0.14

 

 

$

0.16

 

 

$

0.30

 

 

$

0.43

 

 

For the three and nine months ended September 30, 2024, the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 763,969 shares of common stock. For the three and nine months ended September 30, 2023, the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 174,960 shares of common stock and 69,984 shares of restricted stock awards.