Earnings Per Share

12 Months Ended

Dec. 31, 2020

NOTE 11 — EARNINGS PER SHARE

Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed 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 incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings per share calculations.




(Dollars in thousands)	2020		2019
Net income attributable to common shareholders	$	11,985	$	10,808
Average number of common shares issued		19,422,096		19,511,700
Less:
average unallocated ESOP shares		(1,207,892)		(1,345,983)
average unvested restricted stock		(123,975)		(152,682)
average treasury stock acquired		—		(54,849)
Average number of common shares outstanding to calculate basic earnings per common share		18,090,229		17,958,186
Effect of dilutive unvested restricted stock and stock option awards		40,796		108,782
Average number of common shares outstanding to calculate diluted earnings per common share		18,131,025		18,066,968
Earnings per common share:
Basic	$	0.66	$	0.60
Diluted	$	0.66	$	0.60

Stock options for 73,399 and 14,298 shares of common stock were not considered in computing diluted earnings per common share for 2020 and 2019, respectively, because they were antidilutive, meaning the exercise price for such options were higher than the average price for the Company for such period.