| Earnings Per Share |
Earnings (Loss) per share is calculated by dividing consolidated net income or loss (numerator) by the weighted-average common shares (denominator). The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and six months ended June 30, 2026 and 2025.
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Denominator: |
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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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Weighted-average common shares outstanding |
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16,298,079 |
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19,837,500 |
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17,014,169 |
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19,837,500 |
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Less: Average unearned ESOP shares |
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(1,444,170 |
) |
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(1,507,650 |
) |
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(1,452,061 |
) |
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(1,515,541 |
) |
Weighted-average common shares and common
stock equivalents used to calculate basic earnings per share |
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14,853,909 |
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18,329,850 |
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15,562,108 |
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18,321,959 |
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Basic earnings (loss) per common share: |
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Continuing operations |
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$ |
0.05 |
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$ |
0.06 |
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$ |
0.08 |
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$ |
0.13 |
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Discontinued operations |
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(0.05 |
) |
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(0.01 |
) |
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(0.07 |
) |
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(0.04 |
) |
Total earnings (loss) per share - basic |
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$ |
- |
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$ |
0.05 |
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$ |
0.01 |
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$ |
0.09 |
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Diluted earnings per common share: |
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Average dilutive potential common shares |
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58,798 |
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— |
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36,028 |
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— |
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Total dilutive average common shares issued and outstanding |
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14,912,707 |
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18,329,850 |
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15,598,136 |
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18,321,959 |
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Diluted earnings (loss) per common share: |
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Continuing operations |
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$ |
0.05 |
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$ |
0.06 |
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$ |
0.08 |
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$ |
0.13 |
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Discontinued operations |
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(0.05 |
) |
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(0.01 |
) |
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(0.07 |
) |
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(0.04 |
) |
Total earnings (loss) per share - diluted |
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$ |
- |
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$ |
0.05 |
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$ |
0.01 |
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$ |
0.09 |
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The Company had a total of 2,005,962 shares of stock options and restricted stock grants that are potentially dilutive securities during the period ended June 30, 2026. Outstanding stock options and restricted stock grants representing 1,420,120 shares at June 30, 2026, were anti-dilutive and therefore excluded from the calculation. There were no potentially dilutive common shares at June 30, 2025.
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