2. EARNINGS PER SHARE
Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result fro m the assumed issuance. Potential common shares that may be issued by us relate to stock options and employee incentive plans and are determined using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. There were no anti-dilutive shares outstanding during the three and six months ended June 30, 2019 and 2018.
Earnings per common share for the three and six months ended June 30, 2019 and 2018 have been computed based on the following:
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|(In thousands, except per share data)|
|Net income applicable to common stock||$||3,257||$||5,138||$||6,687||$||8,657|
|Average number of common shares issued||26,836||29,897||27,332||30,126|
|Less: Average unallocated ESOP Shares||(678||)||(768||)||(689||)||(779||)|
|Less: Average unvested equity incentive plan shares||(111||)||(93||)||(104||)||(88||)|
|Average number of common shares outstanding used to calculate basic earnings per common share||26,047||29,036||26,539||29,259|
|Effect of dilutive equity incentive plan||41||42||39||39|
|Effect of dilutive stock options||72||100||75||100|
|Average number of common shares outstanding used to calculate diluted earnings per common share||26,160||29,178||26,653||29,398|
|Basic earnings per share||$||0.13||$||0.18||$||0.25||$||0.30|
|Diluted earnings per share||$||0.12||$||0.18||$||0.25||$||0.29|
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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