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Earnings Per Share

12 Months Ended

Mar. 31, 2012

16.

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income or loss 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. ESOP shares are not considered outstanding for EPS purposes until they are committed to be released. For the years ended March 31, 2012, 2011 and 2010, stock options for 454,000, 465,000 and 414,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

	Year Ended March 31,
(Dollars and share data in thousands, except per share data)	2012			2011		2010
Basic EPS computation:
Numerator-net income (loss)	$	(31,657	)	$	4,315	$	(5,444	)
Denominator-weighted average common shares outstanding		22,318			18,341		10,721
Basic EPS	$	(1.42	)	$	0.24	$	(0.51	)
Diluted EPS computation:
Numerator-net income (loss)	$	(31,657	)	$	4,315	$	(5,444	)
Denominator-weighted average common shares outstanding		22,318			18,341		10,721
Effect of dilutive stock options		-			-		-
Weighted average common shares
and common stock equivalents (1)		22,318			18,341		10,721
Diluted EPS	$	(1.42	)	$	0.24	$	(0.51	)

(1) For the year ended March 31, 2012 and 2010 the Company recognized a net loss and therefore all outstanding stock options

were excluded from the calculation of diluted earnings per share because they were antidilutive.