EARNINGS PER SHARE (EPS)

9 Months Ended

Jun. 30, 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 June 30,		Nine Months Ended June 30,
	2023	2022	2023	2022
Common shares outstanding	54,663	57,064	54,663	57,064
Unallocated ESOP shares	(565)	(1,396)	(565)	(1,396)
Non-vested restricted stock	(3,113)	(3,565)	(3,113)	(3,565)
Impact of weighted average shares	1,319	(369)	1,655	(576)
Weighted average shares outstanding - basic	52,304	51,734	52,640	51,527
Incremental shares from stock-based compensation	2,298	2,180	2,447	2,177
Weighted average shares outstanding - diluted	54,602	53,914	55,087	53,704

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