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Earnings Per Share | 6 Months Ended
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Sep. 30, 2014
Notes |
Earnings Per Share | 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 and six months ended September 30, 2014, stock options for 330,000 and 331,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and six months ended September 30, 2013, stock options for 447,000 and 427,000 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, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Basic EPS computation: |  |  |  |  |  |  |  |  |  |  |  |
Numerator-net income | $ | 1,084,000 |  | $ | 341,000 |  | $ | 1,824,000 |  | $ | 1,981,000 |
Denominator-weighted average common shares outstanding |  | 22,388,753 |  |  | 22,364,120 |  |  | 22,385,691 |  |  | 22,361,058 |
Basic EPS | $ | 0.05 |  | $ | 0.02 |  | $ | 0.08 |  | $ | 0.09 |
Diluted EPS computation: |  |  |  |  |  |  |  |  |  |  |  |
Numerator-net income | $ | 1,084,000 |  | $ | 341,000 |  | $ | 1,824,000 |  | $ | 1,981,000 |
Denominator-weighted average common shares outstanding |  | 22,388,753 |  |  | 22,364,120 |  |  | 22,385,691 |  |  | 22,361,058 |
Effect of dilutive stock options |  | 30,716 |  |  | 1,340 |  |  | 28,521 |  |  | 883 |
Weighted average common shares and common stock equivalents |  | 22,419,469 |  |  | 22,365,460 |  |  | 22,414,212 |  |  | 22,361,941 |
Diluted EPS | $ | 0.05 |  | $ | 0.02 |  | $ | 0.08 |  | $ | 0.09 |

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