Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share

Earnings Per Share

Note 3 — Earnings Per Share

Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period less any unvested restricted shares. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income per common share until they are committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. The following table sets forth the weighted average shares outstanding used in the computations of basic and diluted earnings per share.

The following table sets forth the computations of basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In Thousands, except per share data)				(In Thousands, except per share data)
Net income (basic and diluted)	$	12,686	$	11,843	$	36,858	$	34,175
Weighted average shares issued		14,013		15,855		14,053		15,233
Less: Weighted average unearned ESOP shares		(638)		(769)		(660)		(747)
Less: Weighted average unvested restricted shares		(300)		(343)		(285)		(343)
Basic weighted average shares outstanding		13,075		14,743		13,108		14,143
Add: Dilutive effect of restricted stock		130		76		101		49
Add: Dilutive effect of stock options		212		3		70		—
Diluted weighted average shares outstanding		13,417		14,822		13,279		14,192
Net income per share
Basic	$	0.97	$	0.80	$	2.81	$	2.42
Diluted	$	0.95	$	0.80	$	2.78	$	2.41