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Earnings Per Share

3 Months Ended

Sep. 30, 2011

4.	EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income applicable to common stock 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 assumed conversion of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing earnings per share. For the three and six months ended September 30, 2011, stock options for 455,000 and 462,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and six months ended September 30, 2010, stock options for 460,000 and 463,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

		Three Months Ended September 30,				Six Months Ended September 30,
		2011		2010		2011		2010
Basic EPS computation:
Numerator-net income	$	181,000	$	1,117,000	$	895,000	$	2,882,000
Denominator-weighted average common shares outstanding		22,314,854		18,033,354		22,311,792		14,404,588
Basic EPS	$	0.01	$	0.06	$	0.04	$	0.20
Diluted EPS computation:
Numerator-net income	$	181,000	$	1,117,000	$	895,000	$	2,882,000
Denominator-weighted average common shares outstanding		22,314,854		18,033,354		22,311,792		14,404,588
Effect of dilutive stock options		-		-		-		-
Weighted average common shares and common stock equivalents		22,314,854		18,033,354		22,311,792		14,404,588
Diluted EPS	$	0.01	$	0.06	$	0.04	$	0.20