EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

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. At December 31, 2023, 2022, and 2021, respectively, potential common shares of 58,572 and 20 and 0 were considered to be anti-dilutive and excluded from EPS.

The following table presents earnings per common share.

	Year Ended December 31,
	2023		2022		2021
Net income available to common stockholders (in thousands)	$	16,077	$	45,589	$	58,517
Average number of common shares outstanding		46,732,435		50,293,762		54,454,113
Less: Average unallocated ESOP shares and non-vested restricted shares		(3,510,697)		(3,810,098)		(3,707,811)
Weighted average number of common shares outstanding used to calculate basic earnings per common share		43,221,738		46,483,664		50,746,302
Dilutive effect of share-based compensation		197,884		634,793		776,833
Weighted average number of common shares outstanding used to calculate diluted earnings per common share		43,419,622		47,118,457		51,523,135
Earnings per common share:
Basic	$	0.37	$	0.98	$	1.15
Diluted	$	0.37	$	0.97	$	1.14