Net Income per Share

6 Months Ended

Dec. 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 share 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 December 31,				Six Months Ended December 31,
	2016		2015		2016		2015
Numerator:
Net income available to common stockholders	$	2,983	$	2,449	$	6,807	$	5,013
Denominator:
Weighted-average common shares outstanding - basic	16,900,387		17,479,150		16,893,775		17,778,568
Effect of dilutive shares	656,200		331,834		596,900		274,619
Weighted-average common shares outstanding - diluted	17,556,587		17,810,984		17,490,675		18,053,187
Net income per share - basic	$	0.17	$	0.14	$	0.39	$	0.28
Net income per share - diluted	$	0.17	$	0.14	$	0.39	$	0.28

There were no outstanding stock options that were anti-dilutive for the three months ended December 31, 2016 and 2015, respectively. There were 46,500 and 10,000 outstanding stock options that were anti-dilutive for the six months ended December 31, 2016 and 2015, respectively.