(12) Earnings (Loss) Per Common Share

Basic earnings (loss) per share represents income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. For periods in which the Company has reported net loss, diluted loss per share attributable to common shareholders is the same as basic net loss per share attributable to common shareholders, because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Unallocated ESOP shares, treasury stock, and unvested restricted stock are not deemed outstanding for earnings (loss) per share calculations.

Stock options for 672,713 shares of common stock were not considered in computing diluted earnings per common share for the three months ended  June 30, 2025 because they were anti-dilutive, meaning the exercise price for such options was higher than the average market price for the Company for such period. For the six months ended  June 30, 2025 and 2024, stock options for 675,686 and 817,070 shares, respectively, were not considered in computing diluted earnings per common share because they were anti-dilutive.