Note 8 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 8 - 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:

	Three Months Ended
	March 31,
	2024			2023
	(In thousands, except share data)
Net income:
Net income available to common shareholders	$	396		$	3,528
Earnings allocated to participating securities		(1	)		(20	)
Earnings allocated to common shareholders	$	395		$	3,508
Basic:
Weighted average common shares outstanding		9,542,514			9,703,115
Weighted average unvested restricted stock awards		(92,774	)		(165,333	)
Weighted average unallocated ESOP shares		(573,504	)		(626,488	)
Total basic weighted average common shares outstanding		8,876,236			8,911,294
Diluted:
Basic weighted average common shares outstanding		8,876,236			8,911,294
Dilutive restricted stock awards		30,948			28,307
Total diluted weighted average common shares outstanding		8,907,184			8,939,601
Basic earnings per common share	$	0.04		$	0.39
Diluted earnings per common share	$	0.04		$	0.39

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. At  March 31, 2024 and 2023, antidilutive shares as calculated under the treasury stock method totaled 582 and 7,934, respectively.