EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

22.EARNINGS PER SHARE (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unvested restricted shares are participating securities and included in the computation of basic earnings per share. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period.

The following table presents earnings per common share.

	Year Ended December 31,
	2020		2019		2018
Net income available to common stockholders (in thousands)	$	44,792	$	18,268	$	11,394
Average number of common shares outstanding		58,252,140		58,451,387		58,549,990
Less: Average unallocated ESOP shares		(3,938,772)		(2,719,750)		(1,860,399)
Weighted average common shares outstanding used to calculate basic earnings per common share		54,313,368		55,731,637		56,689,591
Dilutive effect of share-based compensation		6,467		139		—
Weighted average common shares outstanding used to calculate diluted earnings per common share		54,319,835		55,731,776		56,689,591
Earnings per common share:
Basic	$	0.82	$	0.33	$	0.20
Diluted	$	0.82	$	0.33	$	0.20
Share amounts related to periods prior to the August 14, 2019 closing of the conversion offering have been restated to give retroactive recognition to the 1.795431 exchange ratio applied in the conversion offering.

Stock options for 2,106,403, 2,169,243 and 1,778,407 shares were not considered in computing diluted earnings per share for the years ended December 31, 2020, 2019 and 2018, respectively, because they were antidilutive.