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Earnings Per Share

3 Months Ended

Dec. 31, 2011

4.	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 or loss 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 nine months ended December 31, 2011, stock options for 451,000 and 458,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and nine months ended December 31, 2010, stock options for 465,000 and 466,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

	Three Months Ended December 31,					Nine Months Ended December 31,
	2011			2010		2011			2010
Basic EPS computation:
Numerator-net income (loss)	$	(16,595,000	)	$	579,000	$	(15,700,000	)	$	3,461,000
Denominator-weighted average common shares outstanding		22,321,011			22,296,378		22,314,876			17,044,751
Basic EPS	$	(0.74	)	$	0.03	$	(0.70	)	$	0.20
Diluted EPS computation:
Numerator-net income (loss)	$	(16,595,000	)	$	579,000	$	(15,700,000	)	$	3,461,000
Denominator-weighted average common shares outstanding		22,321,011			22,296,378		22,314,876			17,044,751
Effect of dilutive stock options		-			665		-			-
Weighted average common shares
and common stock equivalents		22,321,011			22,297,043		22,314,876			17,044,751
Diluted EPS	$	(0.74	)	$	0.03	$	(0.70	)	$	0.20