Net Income per Share

9 Months Ended

Mar. 31, 2016

Per the provisions of FASB ASC 260, Earnings Per Share, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. ESOP shares are considered outstanding for basic and diluted earnings per share when the shares are committed to be released.

Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings, or absorb losses. Basic earnings per common shares is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares.

The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Numerator:
Net income available to common stockholders	$	3,141	$	1,162	$	8,154	$	5,467
Denominator:
Weighted-average common shares outstanding - basic	17,183,894		19,113,387		17,581,833		19,146,025
Effect of dilutive shares	185,977		79,315		180,542		86,766
Weighted-average common shares outstanding - diluted	17,369,871		19,192,702		17,762,375		19,232,791
Net income per share - basic	$	0.18	$	0.06	$	0.46	$	0.28
Net income per share - diluted	$	0.18	$	0.06	$	0.46	$	0.28

There were 56,500 and 1,450,100 outstanding stock options that were anti-dilutive for the three months ended March 31, 2016 and 2015. There were 56,500 and 1,450,100 outstanding stock options that were anti-dilutive for the nine months ended March 31, 2016 and 2015, respectively.