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EARNINGS PER SHARE ("EPS")
 3 Months Ended
Mar. 31, 2017
EARNINGS PER SHARE ("EPS") [Abstract]  
EARNINGS PER SHARE ("EPS")
5.
EARNINGS PER SHARE ("EPS")

Basic EPS is computed by dividing net income by the weighted-average common shares outstanding during the reporting period.  Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout.  In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares, and (until the period ended September 30, 2016) unallocated ESOP shares, are excluded.  Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.  Unvested restricted stock award shares and LTIP shares not yet awarded are recognized as a special class of participating securities under ASC 260.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

  
Three Months Ended
March 31,
 
  
2017
  
2016
 
Net income per the Consolidated Statements of Income
 
$
11,157
  
$
50,037
 
Less: Dividends paid and earnings allocated to participating securities
  
(25
)
  
(31
)
Income attributable to common stock
 
$
11,132
  
$
50,006
 
Weighted average common shares outstanding, including participating securities
  
37,603,628
   
36,813,347
 
Less: weighted average participating securities
  
(150,423
)
  
(223,605
)
Weighted average common shares outstanding
  
37,453,205
   
36,589,742
 
Basic EPS
 
$
0.30
  
$
1.37
 
Income attributable to common stock
 
$
11,132
  
$
50,006
 
Weighted average common shares outstanding
  
37,453,205
   
36,589,742
 
Weighted average common equivalent shares outstanding
  
96,371
   
73,209
 
Weighted average common and equivalent shares outstanding
  
37,549,576
   
36,662,951
 
Diluted EPS
 
$
0.30
  
$
1.36
 

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were no “out-of-the-money” stock options during the three-month period ended March 31, 2017. There were 124,622 weighted-average stock options outstanding for the three-month period ended March 31, 2016 which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

For information about the calculation of likely aggregate LTIP share payout, see Note 6.