Earnings per Share

6 Months Ended

Jun. 30, 2020

Note 9: Earnings per Share

The following table shows the calculation of basic and diluted earnings per share and the weighted average number of shares outstanding used in computing earnings per share and the effect on the weighted average number of shares outstanding of dilutive potential common stock. Basic earnings per share amounts are computed by dividing net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted earnings per share amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect is to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options and restricted shares. For both computations, the weighted average number of the Company’s employee stock ownership plan (“ESOP”) shares not committed to be released to participant accounts are not assumed to be outstanding. The weighted average ESOP shares excluded from the computation were 171,535 and 175,897 for the three and six months ended June 30, 2020, respectively. The weighted average ESOP shares excluded from the computation were 204,675 and 207,462 for the three and six months ended June 30, 2019, respectively. For the three and six months ended June 30, 2020, all outstanding stock options and restricted shares were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive. For both the three and six months ended June 30, 2019, options on and restricted shares totaling 76,784 shares were not included in the computation of diluted earnings per share because their effects would have been anti-dilutive.

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2020			2019		2020			2019
Net (loss) income	$	(8,127	)	$	1,723	$	(8,141	)	$	3,215
Weighted average shares outstanding, basic		13,080,689			13,059,824		13,068,598			13,030,528
Dilutive shares:
Stock options		—			32,425		—			33,189
Restricted shares		—			12,694		—			7,087
Weighted average shares outstanding, dilutive		13,080,689			13,104,943		13,068,598			13,070,804
Basic and diluted (loss) earnings per share	$	(0.62	)	$	0.13	$	(0.62	)	$	0.25