v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
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 computations of basic and diluted earnings per share:

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Three Months Ended June 30, 

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Six Months Ended June 30,

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2026

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2025

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2026

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2025

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(In Thousands, except per share data)

 

(In Thousands, except per share data)

Net income (basic and diluted)

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$

9,795

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$

11,170

 

$

19,747

 

$

21,737

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Weighted average shares issued

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13,799

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14,023

 

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13,826

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14,022

Less: Weighted average unearned ESOP shares

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(500)

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(573)

 

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(507)

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(584)

Less: Weighted average unvested restricted shares

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(164)

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(234)

 

 

(164)

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(234)

Basic weighted average shares outstanding

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13,135

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13,216

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13,155

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13,204

Add: Dilutive effect of restricted stock

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91

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​

108

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83

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105

Add: Dilutive effect of stock options

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312

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​

244

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295

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254

Diluted weighted average shares outstanding

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13,538

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13,568

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13,533

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13,563

Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents

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—

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Net income per share

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Basic

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$

0.75

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$

0.85

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$

1.50

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$

1.65

Diluted

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$

0.72

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$

0.82

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$

1.46

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$

1.60

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