(Loss) Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

(Loss) Earnings Per Common Share [Abstract]

(Loss) Earnings Per Common Share

(13) (Loss) Earnings Per Common Share

Basic earnings (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed in a manner similar to that of basic earnings (loss) per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings (loss) per share calculations.

	Three Months Ended				Nine Months Ended
(Dollars in thousands, except per share	September 30,		September 30,		September 30,		September 30,
dollar amounts)	2022		2021		2022		2021
Net (Loss) Income attributable to common shareholders	$	(35,309)	$	5,087	$	(24,165)	$	12,550
Average number of common shares issued		17,725,523		18,094,729		17,782,139		18,364,754
Less:
average unallocated ESOP shares		(1,017,339)		(1,107,093)		(1,039,560)		(1,129,315)
average unvested restricted stock		(251,910)		(349,784)		(264,646)		(364,765)
Average number of common shares outstanding
to calculate basic earnings per common share		16,456,274		16,637,852		16,477,933		16,870,674
Effect of dilutive unvested restricted stock and stock option awards		—		598,000		—		473,473
Average number of common shares outstanding
to calculate diluted earnings per common share		16,456,274		17,235,852		16,477,933		17,344,147
(Loss) Earnings per common share:
Basic	$	(2.15)	$	0.31	$	(1.47)	$	0.74
Diluted	$	(2.15)	$	0.30	$	(1.47)	$	0.72

Diluted earnings per share for the three and nine months ended September 30, 2022 was equal to the basic earnings per share due to the Company’s net loss position. Stock options for 150,000 and 730,115 shares of common stock were not considered in computing diluted earnings per common share for the three months and nine months ended September 30, 2021, respectively, because they were anti-dilutive, meaning the exercise price for such options were higher than the average price for the Company for such period.