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Earnings Per Share
 9 Months Ended
Dec. 31, 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 December 31, 2015 and 2014, there were 49,000 and 74,000 shares, respectively, which had not been allocated under the Company’s ESOP. For the three and nine months ended December 31, 2015, stock options for 215,000 and 221,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and nine months ended December 31, 2014, stock options for 233,000 and 235,000 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 December 31,

 

 

Nine Months Ended

December 31,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Basic EPS computation:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator-net income

$

1,706,000

 

$

1,149,000

 

$

4,953,000

 

$

2,973,000

 

Denominator-weighted average common shares outstanding

 

22,455,543

 

 

22,394,910

 

 

22,446,463

 

 

22,388,775

 

Basic EPS

$

0.08

 

$

0.05

 

$

0.22

 

$

0.13

 

Diluted EPS computation:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator-net income

$

1,706,000

 

$

1,149,000

 

$

4,953,000

 

$

2,973,000

 

Denominator-weighted average common shares outstanding

 

22,455,543

 

 

22,394,910

 

 

22,446,463

 

 

22,388,775

 

Effect of dilutive stock options

 

50,798

 

 

44,285

 

 

45,083

 

 

32,555

 

Weighted average common shares and common stock equivalents

 

22,506,341

 

 

22,439,195

 

 

22,491,546

 

 

22,421,330

 

Diluted EPS

$

0.08

 

$

0.05

 

$

0.22

 

$

0.13