EARNINGS PER SHARE (EPS)

6 Months Ended

Mar. 31, 2023

Basic EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock-based compensation.

The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share:


	Three Months Ended March 31,		Six Months Ended March 31,
	2023	2022	2023	2022
Common shares outstanding	57,205	57,032	57,205	57,032
Unallocated ESOP shares	(933)	(1,769)	(933)	(1,769)
Non-vested restricted stock	(3,113)	(3,533)	(3,113)	(3,533)
Impact of weighted average shares	(121)	(62)	(350)	(307)
Weighted average shares outstanding - basic	53,038	51,668	52,809	51,423
Incremental shares from stock-based compensation	—	1,762	—	2,179
Weighted average shares outstanding - diluted	53,038	53,430	52,809	53,602


Anti-dilutive restricted stock excluded from diluted EPS computation	2,326	—	2,525	—

Shares of the ESOP that have been allocated to employee accounts are treated as outstanding in determining earnings per share.