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4. Earnings Per Share
 3 Months Ended
Jun. 30, 2013
Notes  
4. Earnings Per Share

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 months ended June 30, 2013 and 2012, stock options for 397,000 and 428,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

 

 

 

 

Three Months Ended

June 30,

 

2013

 

 

2012

 

Basic EPS computation:

 

 

 

 

 

 

Numerator-net income (loss)

$

1,640

 

$

(1,780

)

Denominator-weighted average common shares outstanding

 

22,357,962

 

 

22,333,329

 

Basic EPS

$

0.07

 

$

(0.08

)

Diluted EPS computation:

 

 

 

 

 

 

Numerator-net income (loss)

$

1,640

 

$

(1,780

)

Denominator-weighted average common shares outstanding

 

22,357,962

 

 

22,333,329

 

Effect of dilutive stock options

 

671

 

 

-

 

Weighted average common shares

 

 

 

 

 

 

and common stock equivalents (1)

 

22,358,633

 

 

22,333,329

 

Diluted EPS

$

0.07

 

$

(0.08

)

 

(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.