Westfield Financial Just Filed Its Annual Report: Earnings per Share. ...

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 from the assumed issuance.  Potential common shares that may be issued by us relate to stock options and certain performance-based re stricted stock awards 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 years ended December 31, 2019, 2018 and 2017.


Earnings per common share have been computed based on the following:


    Years Ended December 31,  
    2019     2018     2017  
    (In thousands, except per share data)  
Net income applicable to common stock   $ 13,349     $ 16,408     $ 12,320  
Average number of common shares issued     26,959       29,734       30,755  
Less: Average unallocated ESOP Shares     (667 )     (757 )     (849 )
Less: Average unvested equity incentive plan shares     (107 )     (90 )     (47 )
Average number of common shares outstanding used to calculate basic earnings per common share     26,185       28,887       29,859  
Effect of dilutive equity incentive plan     45       46       17  
Effect of dilutive stock options     73       96       151  
Average number of common shares outstanding used to calculate diluted earnings per common share     26,303       29,029       30,027  
Basic earnings per share   $ 0.51     $ 0.57     $ 0.41  
Diluted earnings per share   $ 0.51     $ 0.57     $ 0.41

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Annual report of employee stock purchase, savings and similar plans - June 29, 2020
Westfield Financial director just picked up 215 shares - June 18, 2020

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