Note 15 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 15 - Earnings per Common Share

The two-class method is used for computing basic and diluted earnings per share. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participating rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown.

	For the Year Ended December 31,
	2021			2020
	(In thousands, except share data)
Net income:
Net income available to common shareholders	$	15,418		$	10,340
Earnings allocated to participating securities		(505	)		(292	)
Earnings allocated to common shareholders	$	14,913		$	10,048
Basic:
Weighted average common shares outstanding		10,151,946			10,407,042
Weighted average unvested restricted stock awards		(310,088	)		(270,991	)
Weighted average unallocated ESOP shares		(707,905	)		(765,273	)
Total basic weighted average common shares outstanding		9,133,953			9,370,778
Diluted:
Basic weighted average common shares outstanding		9,133,953			9,370,778
Dilutive restricted stock awards		94,787			31,420
Total diluted weighted average common shares outstanding		9,228,740			9,402,198
Basic earnings per common share	$	1.63		$	1.07
Diluted earnings per common share	$	1.63		$	1.07

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. For the years ended December 31, 2021 and 2020, anti-dilutive shares as calculated under the treasury stock method totaled 115 and 33,208, respectively.