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Earnings Per Share
 12 Months Ended
Mar. 31, 2016
Notes  
Earnings Per Share

15.   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 ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. As of March 31, 2016 and 2015, there were approximately 49,000 and 74,000 shares, respectively, which had not been allocated under the Company’s ESOP. For the years ended March 31, 2016, 2015 and 2014, stock options for 211,000, 234,000 and 439,000 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:

 

 

 

Year Ended March 31,

 

(Dollars and share data in thousands, except per share data)

 

2016

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

Basic EPS computation:

 

 

 

 

 

 

 

 

 

Numerator-net income

$

6,358

 

$

4,491

 

$

19,423

 

Denominator-weighted average common shares outstanding

 

22,450

 

 

22,393

 

 

22,367

 

Basic EPS

$

0.28

 

$

0.20

 

$

0.87

 

Diluted EPS computation:

 

 

 

 

 

 

 

 

 

Numerator-net income

$

6,358

 

$

4,491

 

$

19,423

 

Denominator-weighted average common shares outstanding

 

22,450

 

 

22,393

 

 

22,367

 

Effect of dilutive stock options

 

44

 

 

39

 

 

2

 

Weighted average common shares and common stock equivalents

 

22,494

 

 

22,432

 

 

22,369

 

Diluted EPS

$

0.28

 

$

0.20

 

$

0.87