Earnings Per Share

6 Months Ended

Jun. 30, 2022

(11) Earnings Per Common 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.



	Three Months Ended				Six Months Ended
(Dollars in thousands, except per share	June 30,		June 30,		June 30,		June 30,
dollar amounts)	2022		2021		2022		2021
Net Income attributable to common shareholders	$	5,619	$	3,166	$	11,144	$	7,463

Average number of common shares issued		17,765,817		18,293,573		17,810,916		18,532,879
Less:
average unallocated ESOP shares		(1,039,698)		(1,129,452)		(1,050,855)		(1,140,610)
average unvested restricted stock		(265,871)		(385,423)		(271,120)		(372,380)
Average number of common shares outstanding
to calculate basic earnings per common share		16,460,248		16,778,698		16,488,941		17,019,889

Effect of dilutive unvested restricted stock and stock option awards		422,685		559,964		468,245		422,522
Average number of common shares outstanding
to calculate diluted earnings per common share		16,882,933		17,338,662		16,957,186		17,442,411

Earnings per common share:
Basic	$	0.34	$	0.19	$	0.68	$	0.44
Diluted	$	0.33	$	0.18	$	0.66	$	0.43

Stock options for 198,627 and 115,385 shares of common stock were not considered in computing diluted earnings per common share for the three months ended June 30, 2022 and 2021, respectively, because they were anti-dilutive, meaning the exercise price for such options were higher than the average price for the Company for such period. For the six months ended June 30, 2022 and 2021, 185,022 and 706,408 shares, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.