(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2022

(Loss) Earnings Per Share [Abstract]

NOTE 11 — (LOSS) EARNINGS PER SHARE

Basic (loss) earnings per share represents (loss) income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted (loss) earnings per share is computed in a manner similar to that of basic (loss) earnings 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 are not deemed outstanding for (loss) earnings per share calculations.




(Dollars in thousands)	2022		2021
Net (loss) income attributable to common shareholders	$	(21,468)	$	16,139
Average number of common shares outstanding		17,765,372		18,242,576
Less:
average unallocated ESOP shares		(1,028,283)		(1,118,037)
average unvested restricted stock		(254,466)		(351,911)
Average number of common shares outstanding
to calculate basic earnings per common share		16,482,623		16,772,628
Effect of dilutive unvested restricted stock and stock option awards		—		529,379
Average number of common shares outstanding
to calculate diluted earnings per common share		16,482,623		17,302,007
(Loss) earnings per common share:
Basic	$	(1.30)	$	0.96
Diluted		(1.30)		0.93

Diluted earnings per share for the year ended December 31, 2022 was equal to the basic earnings per share due to the Company’s net loss position. Stock options for 236,722 shares of common stock were not considered in computing diluted earnings per common share for 2021 because they were antidilutive, meaning the exercise price for such options was higher than the average price for the Company for such period.