EX-11 2 september302017exhibit11.htm EXHIBIT 11
EXHIBIT 11
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(Unaudited)

|  | Three Months Ended September 30, |  | Six Months Ended September 30,
$ in thousands except per share data |  | 2017 |  | 2016 Restated (1) |  | 2017 |  | 2016 Restated (1)
Earnings (loss) per common share |  |  |  |  |  |  |  |
Net (loss) income (1) |  | $ | (594 | ) |  | $ | (251 | ) |  | $ | (1,235 | ) |  | $ | 74 |
Less: Participated securities share of undistributed earnings (1) |  | — |  |  | — |  |  | — |  |  | 45 |
Net (loss) income available to common shareholders (1) |  | $ | (594 | ) |  | $ | (251 | ) |  | $ | (1,235 | ) |  | $ | 29 |
Weighted average common shares outstanding - basic |  | 3,696,420 |  |  | 3,696,420 |  |  | 3,696,420 |  |  | 3,696,420 |
Effect of dilutive Management Recognition Plan ("MRP") shares |  | — |  |  | — |  |  | — |  |  | 4,000 |
Weighted average common shares outstanding - diluted |  | 3,696,420 |  |  | 3,696,420 |  |  | 3,696,420 |  |  | 3,700,420 |
Basic (loss) earnings per common share (1) |  | $ | (0.16 | ) |  | $ | (0.07 | ) |  | $ | (0.33 | ) |  | $ | 0.01 |
Diluted (loss) earnings per common share (1) |  | $ | (0.16 | ) |  | $ | (0.07 | ) |  | $ | (0.33 | ) |  | $ | 0.01 |

(1) September 30, 2016 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Note 1 for further detail.