Note 19 – (Loss) Earnings Per Common Share

 

The factors used in the earnings per common share computation follow:

 

 

Stock options for 12,500 shares of common stock for the years ended December 31, 2025 and 2024, were not considered in computing diluted earnings per common share because they were anti‑dilutive.

 

Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net loss available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed loss attributable to participating securities by the weighted average common shares outstanding during the period. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock. ESOP shares are considered outstanding for this calculation unless unearned. Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock options. No unvested stock awards or potential common shares issuable under stock options were included in diluted earnings per share in either year.