EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings per common share:

EARNINGS PER SHARE

2. EARNINGS PER SHARE

Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate to stock options and certain performance-based restricted stock awards and are determined using the treasury stock method. Unallocated Employee Stock Ownership Plan (“ESOP”) shares are not deemed outstanding for earnings per share calculations. There were no anti-dilutive shares outstanding during the three months ended March 31, 2023 and 2022.

Earnings per common share for the three months ended March 31, 2023 and 2022 have been computed based on the following:

	Three Months Ended
	March 31,
	2023			2022
	(In thousands, except per share data)
Net income applicable to common stock	$	5,304		$	5,319
Average number of common shares issued		22,220			22,705
Less: Average unallocated ESOP Shares		(367	)		(445	)
Less: Average unvested equity incentive plan shares		(154	)		(160	)
Average number of common shares outstanding used to calculate basic earnings per common share		21,699			22,100
Effect of dilutive equity incentive plan		18			41
Effect of dilutive stock options		—			32
Average number of common shares outstanding used to calculate diluted earnings per common share		21,717			22,173
Basic earnings per share	$	0.24		$	0.24
Diluted earnings per share	$	0.24		$	0.24