16.	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, 2018, all shares under the Company's ESOP were allocated. As of March 31, 2017 there were 24,633 shares which had not been allocated under the Company's ESOP. For the years ended March 31, 2018, 2017 and 2016, stock options for 8,000, 59,000 and 211,000 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)	2018		2017		2016

Basic EPS computation:
Numerator-net income	$	10,242	$	7,404	$	6,358
Denominator-weighted average common shares outstanding		22,531		22,478		22,450
Basic EPS	$	0.45	$	0.33	$	0.28
Diluted EPS computation:
Numerator-net income	$	10,242	$	7,404	$	6,358
Denominator-weighted average common shares outstanding		22,531		22,478		22,450
Effect of dilutive stock options		92		70		44
Weighted average common shares and common stock
equivalents		22,623		22,548		22,494
Diluted EPS	$	0.45	$	0.33	$	0.28