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Earnings Per Share

3 Months Ended

Jun. 30, 2012

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 exercise 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 months ended June 30, 2012 and 2011, stock options for 428,000 and 468,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

	Three Months Ended June 30,
		2012			2011
Basic EPS computation:
Numerator-net income (loss)	$	(1,780,000	)	$	714,000
Denominator-weighted average common shares outstanding		22,333,329			22,308,696
Basic EPS	$	(0.08	)	$	0.03
Diluted EPS computation:
Numerator-net income (loss)	$	(1,780,000	)	$	714,000
Denominator-weighted average common shares outstanding		22,333,329			22,308,696
Effect of dilutive stock options		-			657
Weighted average common shares
and common stock equivalents (1)		22,333,329			22,309,353
Diluted EPS	$	(0.08	)	$	0.03

(1) For the three months ended June 30, 2012, 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.

- Definition

The entire disclosure for earnings per share.

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