EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as unexercised stock options and unvested restricted stock) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Income In thousands)
Net (loss) income applicable to common shares	$	(1,825)	$	40	$	(3,034)	$	593
Shares
Average number of common shares outstanding	26,314,743		28,522,500		26,184,419		28,522,500
Less: Average unallocated ESOP shares	2,065,029		2,156,176		2,053,402		2,167,521
Average number of common shares outstanding used to calculate basic earnings per common share	24,249,714		26,366,324		24,131,017		26,354,979
Common stock equivalents	—		—		—		—
Average number of common shares outstanding used to calculate diluted earnings per common share	24,249,714		26,366,324		24,131,017		26,354,979
Earnings per common share
Basic	$	(0.08)	$	—	$	(0.13)	$	0.02
Diluted	$	(0.08)	$	—	$	(0.13)	$	0.02

Excluded from the earnings per share calculation are anti-dilutive equity awards for the three and six months ended June 30, 2023, totaling 1,490,010 and 1,177,136, respectively. There were no securities or other contracts that had a dilutive effect for the three and six months ended June 30, 2022. Due to the Company’s net loss three and six months ended June 30, 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.