EARNINGS PER COMMON SHARE ("EPS")

3 Months Ended

Dec. 31, 2015

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

NOTE 4.

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 December 31, 2015 and September 30, 2015. 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 months ended December 31, 2015 and 2014 is presented below.

Three Months Ended December 31,	2015			2014
(Dollars in Thousands, Except Share and Per Share Data)

Earnings
Net Income	$	4,058		$	3,595

Basic EPS
Weighted average common shares outstanding		8,245,368			6,182,080
Less weighted average nonvested shares		(27,311	)		(4,000	)
Weighted average common shares outstanding		8,218,057			6,178,080

Earnings Per Common Share
Basic	$	0.49		$	0.58

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share		8,218,057			6,178,080
Add dilutive effect of assumed exercises of stock options, net of tax benefits		66,198			61,276
Weighted average common and dilutive potential common shares outstanding		8,284,255			6,239,356

Earnings Per Common Share
Diluted	$	0.49		$	0.58

All stock options were considered in computing diluted EPS for the three months ended December 31, 2015. Stock options totaling 29,199 were not considered in computing diluted EPS for the three months ended December 31, 2014, because they were not dilutive.