Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 19 – Earnings Per Common Share

The factors used in the earnings per common share computation follow:

	2023		2022
	(Dollars in thousands, except share and per share)
Net income attributable to Broadway Financial Corporation	$	4,514	$	5,636
Less net income attributable to participating securities		59		27
Income available to common stockholders	$	4,455	$	5,609
Weighted average common shares outstanding for basic earnings per common share		8,627,071		9,051,128
Add: dilutive effects of unvested restricted stock awards		114,599		51,737
Weighted average common shares outstanding for diluted earnings per common share		8,741,670		9,102,865
Earnings per common share - basic	$	0.52	$	0.62
Earnings per common share - diluted	$	0.51	$	0.62

Stock options for 31,250 shares of common stock for the year ended December 31, 2023, were not considered in computing diluted earnings per common share because they were anti‑dilutive.

Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net loss available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed loss 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. 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. No unvested stock awards or potential common shares issuable under stock options were included in diluted earnings per share in either year.

All common stock share amounts above have been retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023.  See Note 2.