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Earnings Per Share
 6 Months Ended
Sep. 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 the 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 September 30, 2015 and 2014, there were 74,000 and 99,000 shares, respectively, which had not been allocated under the Company’s ESOP. For the three and six months ended September 30, 2015, stock options for 220,000 and 223,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and six months ended September 30, 2014, stock options for 330,000 and 331,000 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 EPS for the periods indicated:

 

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Basic EPS computation:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator-net income

$

1,652,000

 

$

1,084,000

 

$

3,247,000

 

$

1,824,000

 

Denominator-weighted average common shares outstanding

 

22,449,386

 

 

22,388,753

 

 

22,441,898

 

 

22,385,691

 

Basic EPS

$

0.07

 

$

0.05

 

$

0.14

 

$

0.08

 

Diluted EPS computation:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator-net income

$

1,652,000

 

$

1,084,000

 

$

3,247,000

 

$

1,824,000

 

Denominator-weighted average common shares outstanding

 

22,449,386

 

 

22,388,753

 

 

22,441,898

 

 

22,385,691

 

Effect of dilutive stock options

 

40,965

 

 

30,716

 

 

41,813

 

 

28,521

 

Weighted average common shares and common stock equivalents

 

22,490,351

 

 

22,419,469

 

 

22,483,711

 

 

22,414,212

 

Diluted EPS

$

0.07

 

$

0.05

 

$

0.14

 

$

0.08