Annual report pursuant to Section 13 and 15(d)

Note 16 - Earnings Per Share

v3.23.1
Note 16 - Earnings Per Share
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 16: Earnings Per Share

 

Basic EPS represents income available to common stockholders 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 should then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.


There were no securities or other contracts that had a dilutive effect during the twelve months ended December 31, 2022, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan ("ESOP") that have not been allocated to employees in accordance with the terms of the ESOP, referred to as "unallocated ESOP shares", are not deemed outstanding for purposes of the EPS calculation. EPS data is not applicable for the twelve months ended December 31, 2021 as the Company had no shares outstanding.

 

 

   

Year Ended December 31,

 
   

2022

 
         

Net income applicable to common shares

  $ 27  
         

Average number of common shares outstanding

    5,131,758  

Less: Average unallocated ESOP shares

    402,522  

Average number of common shares outstanding used to calculate basic earnings per common share

    4,729,236  

Earnings per common share basic and diluted

  $ 0.01  

 

All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS.