Earnings per Share

9 Months Ended

Sep. 30, 2016

Note 3. Earnings per Share

The following reconciles shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015 (in thousands):


	Three months ended						Nine months ended
	September 30,						September 30,
	2016			2015			2016			2015
Weighted average shares issued net of Treasury shares		25,823			17,146			22,010			16,954
Less:Unallocated ESOP shares		(340	)		(374	)		(348	)		(382	)
Unallocated incentive award shares and shares held by deferred compensation plan		(48	)		(39	)		(38	)		(50	)

Average basic shares outstanding		25,435			16,733			21,624			16,522
Add: Effect of dilutive securities:
Stock options		434			200			347			204
Shares held by deferred compensation plan		20			20			19			20

Average diluted shares outstanding		25,889			16,953			21,990			16,746

For the three months ended September 30, 2016 and 2015, antidilutive stock options of 914,000 and 1,064,000, respectively, were excluded from earnings per share calculations. For the nine months ended September 30, 2016 and 2015, antidilutive stock options of 1,132,000 and 740,000, respectively, were excluded from earnings per share calculations.