Earnings per Share

3 Months Ended

Mar. 31, 2016

Note 3. Earnings per Share

The following reconciles shares outstanding for basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 (in thousands):


	Three months ended March 31,
	2016			2015

Weighted average shares issued net of Treasury shares		17,304			16,902
Less: Unallocated ESOP shares		(357	)		(391	)
Unallocated incentive award shares and shares held by deferred compensation plan		(41	)		(35	)

Average basic shares outstanding		16,906			16,476
Add: Effect of dilutive securities:
Stock options		192			141
Shares held by deferred compensation plan		20			20

Average diluted shares outstanding		17,118			16,637

For the three months ended March 31, 2016 and 2015, antidilutive stock options of 1,113,000 and 813,000, respectively, were excluded from earnings per share calculations.