Net Income Per Common Share	3 Months Ended
Dec. 31, 2011
Net Income Per Common Share
Net Income Per Common Share	(7) NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company's common stock during the period. Common stock equivalents arise from the assumed conversion of outstanding stock options and the outstanding warrant to purchase common stock. In accordance with the Financial Accounting Standards Board ("FASB") guidance for stock compensation, shares owned by the Bank's ESOP that have not been allocated are not considered to be outstanding for the purpose of computing net income per common share. At December 31, 2011 and 2010, there were 264,520 and 299,786 shares, respectively, that had not been allocated under the Bank's ESOP. Three Months Ended December 31, 2011 2010 ------------------------- (in thousands, except for share and per share data) ---------------------------------------------------------------------------- Basic net income per common share computation --------------------------------------------- Numerator - net income $ 1,283 $ 1,359 Preferred stock dividends (208) (208) Preferred stock discount accretion (59) (54) ------- -------- Net income to common shareholders $ 1,016 $ 1,097 ===== ===== Denominator - weighted average common shares outstanding 6,780,516 6,745,250 Basic net income per common share $ 0.15 $ 0.16 Diluted net income per common share computation ----------------------------------------------- Numerator - net income $ 1,283 $ 1,359 Preferred stock dividend (208) (208) Preferred stock discount accretion (59) (54) ------- -------- Net income to common shareholders $ 1,016 $ 1,097 ===== ===== Denominator - weighted average common shares outstanding 6,780,516 6,745,250 Effect of dilutive stock options (1) - - - - Effect of dilutive stock warrant (2) - - - - ------- ------- Weighted average common shares and common stock equivalents 6,780,516 6,745,250 Diluted net income per common share $ 0.15 $ 0.16 -------------------- (1) For the three months ended December 31, 2011 and 2010, options to purchase 153,376 and 194,864 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because the options' exercise prices were greater than the average market price of the common stock, and, therefore, their effect would have been anti-dilutive. (2) For the three months ended December 31, 2011 and 2010, a warrant to purchase 370,899 shares of common stock was outstanding but not included in the computation of diluted net income per common share because the warrant's exercise price was greater than the average market price of the common stock, and, therefore, its effect would have been anti-dilutive.

Net Income Per Common Share

3 Months Ended

Dec. 31, 2011

Net Income Per Common Share

Net Income Per Common Share

(7) NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income to common

shareholders by the weighted average number of common shares outstanding during the

period, without considering any dilutive items. Diluted net income per common share

is computed by dividing net income to common shareholders by the weighted average

number of common shares and common stock equivalents for items that are dilutive, net

of shares assumed to be repurchased using the treasury stock method at the average

share price for the Company's common stock during the period. Common stock

equivalents arise from the assumed conversion of outstanding stock options and the

outstanding warrant to purchase common stock. In accordance with the Financial

Accounting Standards Board ("FASB") guidance for stock compensation, shares owned by

the Bank's ESOP that have not been allocated are not considered to be outstanding for

the purpose of computing net income per common share. At December 31, 2011 and 2010,

there were 264,520 and 299,786 shares, respectively, that had not been allocated under

the Bank's ESOP.

Three Months Ended December 31,

2011 2010

-------------------------

(in thousands, except for share

and per share data)

----------------------------------------------------------------------------

Basic net income per common share computation

---------------------------------------------

Numerator - net income $ 1,283 $ 1,359

Preferred stock dividends (208) (208)

Preferred stock discount accretion (59) (54)

------- --------

Net income to common shareholders $ 1,016 $ 1,097

===== =====

Denominator - weighted average

common shares outstanding 6,780,516 6,745,250

Basic net income per common share $ 0.15 $ 0.16

Diluted net income per common share computation

-----------------------------------------------

Numerator - net income $ 1,283 $ 1,359

Preferred stock dividend (208) (208)

Preferred stock discount accretion (59) (54)

------- --------

Net income to common shareholders $ 1,016 $ 1,097

===== =====

Denominator - weighted average

common shares outstanding 6,780,516 6,745,250

Effect of dilutive stock options (1) - - - -

Effect of dilutive stock warrant (2) - - - -

------- -------

Weighted average common shares

and common stock equivalents 6,780,516 6,745,250

Diluted net income per common share $ 0.15 $ 0.16

--------------------

(1) For the three months ended December 31, 2011 and 2010, options to purchase

153,376 and 194,864 shares of common stock, respectively, were outstanding but not

included in the computation of diluted net income per common share because the

options' exercise prices were greater than the average market price of the common

stock, and, therefore, their effect would have been anti-dilutive.

(2) For the three months ended December 31, 2011 and 2010, a warrant to purchase

370,899 shares of common stock was outstanding but not included in the computation of

diluted net income per common share because the warrant's exercise price was greater

than the average market price of the common stock, and, therefore, its effect would

have been anti-dilutive.