Earnings (Loss) Per Share (EPS)

12 Months Ended

Dec. 31, 2023

NOTE 18 — Earnings (Loss) Per Share (EPS)

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. For the year ended December 31, 2023, 65,154 shares were excluded, based on average share price, from the computation of diluted earnings per share ("EPS") because the effect would be antidilutive. For the year ended December 31, 2022, 177,059 shares were excluded, based on average share price, from the computation of diluted earnings per share ("EPS") because the effect would be antidilutive.

Earnings (loss) per common share for the years ended December 31, 2023 and 2022 is presented in the following table.


	Year ended December 31,
	2023			2022
	(In thousands, except per share amounts)

Net loss	$	(6,792	)	$	(148	)

Weighted shares outstanding for basic EPS
Weighted average shares outstanding		5,977,859			6,216,791
Less: Weighted average unallocated ESOP shares		443,900			441,651

Weighted average shares outstanding for basic EPS		5,533,959			5,775,140
Additional dilutive shares (1)		—			—

Weighted average shares outstanding for dilutive EPS		5,533,959			5,775,140

Basic (loss) per share	$	(1.23	)	$	(0.03	)
Diluted (loss) per share (1)	$	(1.23	)	$	(0.03	)

(1) For 2023 and 2022, the effect of the stock options was anti-dilutive due to the net loss and therefore no dilutive shares are included in the weighted average shares outstanding or diluted (loss) calculations.