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EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2022
EARNINGS PER SHARE  
EARNINGS PER SHARE

20.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. Non-vested restricted shares that are participating securities are 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, 

2022

2021

2020

Net income available to common stockholders (in thousands)

$

45,589

$

58,517

$

44,792

Average number of common shares outstanding

50,293,762

54,454,113

58,252,140

Less: Average unallocated ESOP shares and non-vested restricted shares

(3,810,098)

(3,707,811)

(3,938,772)

Weighted average number of common shares outstanding used to calculate basic earnings per common share

46,483,664

50,746,302

54,313,368

Dilutive effect of share-based compensation

634,793

776,833

6,467

Weighted average number of common shares outstanding used to calculate diluted earnings per common share

47,118,457

51,523,135

54,319,835

Earnings per common share:

Basic

$

0.98

$

1.15

$

0.82

Diluted

$

0.97

$

1.14

$

0.82