Basic earning per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.

Shares held by the ESOP not allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares”, are not deemed outstanding for earnings per share calculations.


	For the Year Ended December 31,
	2025		2024
	(Income In thousands)
Net loss applicable to common shares	$	(10,025)	$	(11,911)
Shares
Average number of common shares outstanding	21,517,668		23,439,653
Less: Average unallocated ESOP shares	1,870,858		1,962,224
Average number of common shares outstanding used to calculate basic earnings per common share	19,646,810		21,477,429
Common stock equivalents	—		—
Average number of common shares outstanding used to calculate diluted earnings per common share	19,646,810		21,477,429
Loss per common share
Basic	$	(0.51)	$	(0.55)
Diluted	$	(0.51)	$	(0.55)

Excluded from the earnings per share calculation are anti-dilutive equity awards for the years ended December 31, 2025 and 2024 totaling 1,003,326 and 1,138,653, respectively. Due to the Company’s net loss for the year ended December 31, 2025 and 2024, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.