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Earnings Per Share
 3 Months Ended
Jun. 30, 2015
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 basic and diluted EPS.

 As of June 30, 2015 and 2014, there were 99,000 and 74,000 shares, respectively, that had not been allocated under the Company’s ESOP. For the three months ended June 30, 2015 and 2014, stock options for 227,000 and 342,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

 

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated:

 

 

 

 

Three Months Ended

June 30,

 

 

 

2015

 

 

2014

 

Basic EPS computation:

 

 

 

 

 

 

Numerator-net income

$

1,595,000

 

$

740,000

 

Denominator-weighted average common shares outstanding

 

22,434,327

 

 

22,382,595

 

Basic EPS

$

0.07

 

$

0.03

 

Diluted EPS computation:

 

 

 

 

 

 

Numerator-net income

$

1,595,000

 

$

740,000

 

Denominator-weighted average common shares outstanding

 

22,434,327

 

 

22,382,595

 

Effect of dilutive stock options

 

42,679

 

 

26,180

 

 

 

 

 

 

 

 

Weighted average common shares and common stock equivalents

 

22,477,006

 

 

22,408,775

 

Diluted EPS

$

0.07

 

$

0.03