EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2019

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, 2019 and 2018, all shares under the Company's ESOP were allocated. For the year ended March 31, 2019, there were no stock options excluded in computing diluted EPS. For the years ended March 31, 2018 and 2017, stock options for 8,000 and 59,000 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 years indicated:

		Year Ended March 31,
(Dollars and share data in thousands, except per share data)		2019		2018		2017
	P
Basic EPS computation:
Numerator-net income		$	17,266	$	10,242	$	7,404
Denominator-weighted average common shares outstanding			22,588		22,531		22,478
Basic EPS		$	0.76	$	0.45	$	0.33
Diluted EPS computation:
Numerator-net income		$	17,266	$	10,242	$	7,404
Denominator-weighted average common shares outstanding			22,588		22,531		22,478
Effect of dilutive stock options			72		92		70
Weighted average common shares and common stock
equivalents			22,660		22,623		22,548
Diluted EPS		$	0.76	$	0.45	$	0.33