EARNINGS PER COMMON SHARE ("EPS")

9 Months Ended

Jun. 30, 2015

EARNINGS PER COMMON SHARE ("EPS") [Abstract]

NOTE 5.

EARNINGS PER COMMON SHARE (“EPS”)

Basic EPS is based on the net income divided by the weighted average number of common shares outstanding during the period. Allocated Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for EPS calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding. All ESOP shares were allocated as of June 30, 2015 and September 30, 2014. Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements.

A reconciliation of net income and common stock share amounts used in the computation of basic and diluted EPS for the three and nine months ended June 30, 2015 and 2014 is presented below.

Three Months Ended June 30,	2015		2014
(Dollars in Thousands, Except Share and Per Share Data)

Earnings
Net Income	$	4,640	$	4,204

Basic EPS
Weighted average common shares outstanding		6,942,486		6,132,169
Less weighted average nonvested shares		3,922		4,000
Weighted average common shares outstanding		6,938,564		6,128,169

Earnings Per Common Share
Basic	$	0.67	$	0.69

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share		6,938,564		6,128,169
Add dilutive effect of assumed exercises of stock options, net of tax benefits		74,060		77,201
Weighted average common and dilutive potential common shares outstanding		7,012,624		6,205,370

Earnings Per Common Share
Diluted	$	0.66	$	0.68

Nine Months Ended June 30,	2015		2014
(Dollars in Thousands, Except Share and Per Share Data)

Earnings
Net Income	$	13,416	$	12,349

Basic EPS
Weighted average common shares outstanding		6,555,415		6,109,955
Less weighted average unallocated ESOP and nonvested shares		4,193		4,401
Weighted average common shares outstanding		6,551,222		6,105,554

Earnings Per Common Share
Basic	$	2.05	$	2.02

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share		6,551,222		6,105,554
Add dilutive effect of assumed exercises of stock options, net of tax benefits		65,228		91,409
Weighted average common and dilutive potential common shares outstanding		6,616,450		6,196,963

Earnings Per Common Share
Diluted	$	2.03	$	1.99

Stock options totaling 29,199 were not considered in computing diluted EPS for the three and nine months ended June 30, 2015 and June 30, 2014, because they were not dilutive.