Earnings per Share ("EPS")

3 Months Ended

Mar. 31, 2025

NOTE 10 - 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
	March 31,
	2025		2024
	(Dollars in thousands, except per share data)
Net income allocated to common stock	$	1,297	$	621

Weighted-average common shares outstanding used to calculate basic earnings per common share		8,210,782		8,299,775
Add: Dilutive effect of restricted stock awards		132,989		75,560
Weighted-average common shares outstanding used to calculate diluted earnings per common share		8,343,771		8,375,335

Earnings per common share
Basic	$	0.16	$	0.07
Diluted	$	0.16	$	0.07

For the three months ended March 31, 2025, the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 169,128 shares of common stock. For the three months ended March 31, 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.