Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings (Loss) Per Share [Abstract]

NOTE 11 — EARNINGS (LOSS) PER 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 are not deemed outstanding for earnings (loss) per share calculations.


(Dollars in thousands, except per share	December 31,		December 31,
dollar amounts)	2023		2022
Net Income (Loss) attributable to common shareholders	$	10,954	$	(21,468)

Average number of common shares issued		17,684,844		17,765,372
Less:
Average unallocated ESOP shares		(938,526)		(1,028,283)
Average unvested restricted stock		(160,139)		(254,466)
Average number of common shares outstanding
to calculate basic earnings per common share		16,586,180		16,482,623

Effect of dilutive unvested restricted stock and stock option awards		8,505		—
Average number of common shares outstanding
to calculate diluted earnings per common share		16,594,685		16,482,623

Earnings (Loss) per common share:
Basic	$	0.66	$	(1.30)
Diluted	$	0.66	$	(1.30)

Stock options for 906,552 shares of common stock were not considered in computing diluted earnings per common share for the year ended December 31, 2023 because they were anti-dilutive, meaning the exercise price for such options were higher than the average price for the Company for such period. 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.