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Earnings Per Share of Common Stock
 9 Months Ended
Sep. 30, 2023
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 options.



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,
  
   
2023
    
2022
     2023     2022  
   
(In thousands, except share and per share data)
  
Net income attributable to Broadway Financial Corporation
  
$
91
    
$
1,318
     $ 1,907     $ 4,130  
Less net income attributable to participating securities
    
1
      
7
       27       25  
Income available to common stockholders
  
$
90
    
$
1,311
     $ 1,880     $ 4,105  
                                 
Weighted average common shares outstanding for basic earnings per common share(1)
    
8,709,301
      
9,069,410
       8,756,189       9,048,363  
Add: dilutive effects of unvested restricted stock awards(1)
   
116,493
      
51,069
       123,004
       55,269
  
Add: dilutive effects of assumed exercise of stock options(2)
    –       –       –       –  
Weighted average common shares outstanding for diluted earnings per common share(1)
    
8,825,794
      
9,120,479
       8,879,193       9,103,632  
                                 
Earnings per common share - basic(1)
  
$
0.01
    
$
0.14
     $ 0.21     $ 0.45  
Earnings per common share - diluted(1)
  
$
0.01
    
$
0.14
     $ 0.21     $ 0.45  
(1) Retroactively adjusted for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 1
(2) Excluding 31,250 anti-dilutive vested stock options