EARNINGS PER COMMON SHARE ("EPS")

9 Months Ended

Jun. 30, 2016

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, 2016 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 and nine months ended June 30, 2016 and 2015 is presented below.



Three Months Ended June 30,	2016		2015
(Dollars in Thousands, Except Share and Per Share Data)
Earnings
Net Income	$	8,873	$	4,640

Basic EPS
Weighted average common shares outstanding	8,512,043		6,942,486
Less weighted average nonvested shares	29,723		3,922
Weighted average common shares outstanding	8,482,320		6,938,564

Earnings Per Common Share
Basic	$	1.05	$	0.67

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share	8,482,320		6,938,564
Add dilutive effect of assumed exercises of stock options, net of tax benefits	65,696		74,060
Weighted average common and dilutive potential common shares outstanding	8,548,016		7,012,624

Earnings Per Common Share
Diluted	$	1.04	$	0.66



Nine Months Ended June 30,	2016		2015
(Dollars in Thousands, Except Share and Per Share Data)
Earnings
Net Income	$	27,214	$	13,416

Basic EPS
Weighted average common shares outstanding	8,416,724		6,555,415
Less weighted average nonvested shares	28,849		4,193
Weighted average common shares outstanding	8,387,875		6,551,222

Earnings Per Common Share
Basic	$	3.24	$	2.05

Diluted EPS
Weighted average common shares outstanding for basic earnings per common share	8,387,875		6,551,222
Add dilutive effect of assumed exercises of stock options, net of tax benefits	64,324		65,228
Weighted average common and dilutive potential common shares outstanding	8,452,199		6,616,450

Earnings Per Common Share
Diluted	$	3.22	$	2.03

All stock options were considered in computing diluted EPS for the three and nine months ended June 30, 2016. All stock options were considered in computing diluted EPS for the three months ended June 30, 2015. Stock options totaling 29,199 were not considered in computing diluted EPS for the nine months ended June 30, 2015, because they were not dilutive.