EARNINGS PER COMMON SHARE

12 Months Ended

Sep. 30, 2016

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 September 30, 2016, and September 30, 2015. Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements.

A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2016, 2015 and 2014 is presented below.



	2016			2015			2014
	(Dollars in Thousands, Except Share and Per Share Data)
Earnings
Net income	$	33,220		$	18,055		$	15,713

Basic EPS
Weighted average common shares outstanding	8,443,956			6,730,086			6,117,577
Less weighted average nonvested shares	(29,125		)	(4,237		)	(4,301		)
Weighted average common shares outstanding	8,414,831			6,725,849			6,113,276

Earnings Per Common Share
Basic	$	3.95		$	2.68		$	2.57

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share	8,414,831			6,725,849			6,113,276
Add dilutive effect of assumed exercises of stock options, net of tax benefits	66,590			68,951			85,133
Weighted average common and dilutive potential common shares outstanding	8,481,421			6,794,800			6,198,409

Earnings Per Common Share
Diluted	$	3.92		$	2.66		$	2.53

All stock options were considered in computing diluted EPS for the year ended September 30, 2016. Stock options totaling 28,891 and 29,984 were not considered in computing diluted earnings per common share for the years ended September 30, 2015 and 2014, respectively, because they were anti-dilutive.