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Earnings Per Share of Common Stock
 9 Months Ended
Sep. 30, 2024
Earnings Per Share of Common Stock [Abstract]  
Earnings Per Share of Common Stock
NOTE 2 – Earnings Per Share of Common Stock
 

Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net income available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the period.  The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock. Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for this calculation unless unearned. Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock compensation plans. Stock options for 12,500 and 31,250 shares of common stock at September 30,2024 and 2023, respectively, were not considered in computing diluted earnings per common share because they were anti‑dilutive.



The following table shows how the Company computed basic and diluted earnings per share of common stock for the periods indicated: 
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2024
    
2023
     2024     2023  
   
(In thousands, except share and per share data)
  
Net income attributable to Broadway Financial Corporation
  
$
522
    
$
91
     $ 627     $ 1,907  
Less: Net income attributable to participating securities
    
5
      
1
       4       27  
Less: Preferred stock dividends
     750       –       817       –  
Net (loss) income available to common stockholders
  
$
(233
)
  
$
90
     $ (194 )   $ 1,880  
                                 
Weighted average common shares outstanding for basic earnings per common share(1)
    
8,520,730
      
8,709,301
       8,386,919       8,756,189  
Add: Effects of unvested restricted stock awards(1)
    
163,566
      
116,493
       179,156
       123,004
  
Weighted average common shares outstanding for diluted earnings per common share(1)
    
8,684,296
      
8,825,794
       8,566,075       8,879,193  
                                 
(Loss) earnings per common share - basic(1)
  
$
(0.03
)
  
$
0.01
     $ (0.02 )   $ 0.21  
(Loss) earnings per common share - diluted(1)
  
$
(0.03
)
  
$
0.01
     $ (0.02 )   $ 0.21  

(1)  Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 1