Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock and performance-based restricted stock units.

Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock and performance-based restricted stock units vested. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method, we added the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock, performance-based restricted stock units and stock options. We then divided this sum by our average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share.

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income available to common stockholders	$	8,181	$	16,979	$	29,447	$	46,980

Weighted average shares outstanding-basic	42,866,246		46,047,104		43,848,873		46,486,086
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding	51,928		189,557		78,477		170,997
Weighted average shares outstanding-diluted	42,918,174		46,236,661		43,927,350		46,657,083
Earnings per share-basic	$	0.19	$	0.37	$	0.67	$	1.01
Earnings per share-diluted	$	0.19	$	0.37	$	0.67	$	1.01
Anti-dilutive shares	1,707,261		738,103		1,492,290		978,187