v3.26.3
Note 8 - (Loss) Earnings Per Common Share
 9 Months Ended
Sep. 30, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 8 - (Loss) Earnings per Common Share

 

The two-class method is used for computing basic and diluted earnings per share. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participating rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities.

 

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods shown:

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 

(dollars in thousands, except share data)

 

2026

  

2025

  

2026

  

2025

 

Net (loss) income:

                

Net (loss) income available to common shareholders

 $(743) $802  $(429) $(4,573)

Dividends and undistributed earnings allocated to participating securities

  —   —   —   — 

(Loss) earnings allocated to common shareholders

 $(743) $802  $(429) $(4,573)

Basic:

                

Weighted average common shares outstanding

  9,511,434   9,415,143   9,494,297   9,413,154 

Weighted average unvested restricted stock awards

  (166,327)  (113,015)  (162,493)  (126,238)

Weighted average unallocated ESOP shares

  (441,275)  (494,092)  (454,372)  (507,208)

Total basic weighted average common shares outstanding

  8,903,832   8,808,036   8,877,432   8,779,708 

Diluted:

                

Basic weighted average common shares outstanding

  8,903,832   8,808,036   8,877,432   8,779,708 

Dilutive restricted stock awards

  —   5,596   —   — 

Total diluted weighted average common shares outstanding

  8,903,832   8,813,632   8,877,432   8,779,708 

Basic (loss) earnings per common share

 $(0.08) $0.09  $(0.05) $(0.52)

Diluted (loss) earnings per common share

 $(0.08) $0.09  $(0.05) $(0.52)

 

Potentially dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. Antidilutive shares as calculated under the treasury stock method totaled 65,005 and 5,595 for the three months ended September 30, 2026 and 2025, respectively. Antidilutive shares as calculated under the treasury stock method totaled 57,741 and 16,750 for the nine months ended September 30, 2026 and 2025, respectively.