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EARNINGS PER SHARE ("EPS")
 6 Months Ended
Jun. 30, 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 (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.  Unvested RSA 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
June 30,
  
Six Months Ended
June 30,
 
  
2017
  
2016
  
2017
  
2016
 
Net income per the Consolidated Statements of Income
 
$
11,989
  
$
11,208
  
$
23,146
  
$
61,245
 
Less: Dividends paid and earnings allocated to participating securities
  
(38
)
  
(24
)
  
(63
)
  
(55
)
Income attributable to common stock
 
$
11,951
  
$
11,184
  
$
23,083
  
$
61,190
 
Weighted average common shares outstanding, including participating securities
  
37,733,956
   
36,946,082
   
37,670,585
   
36,874,535
 
Less: weighted average participating securities
  
(179,346
)
  
(192,525
)
  
(166,398
)
  
(202,885
)
Weighted average common shares outstanding
  
37,554,610
   
36,753,557
   
37,504,187
   
36,671,650
 
Basic EPS
 
$
0.32
  
$
0.30
  
$
0.62
  
$
1.67
 
Income attributable to common stock
 
$
11,951
  
$
11,184
  
$
23,083
  
$
61,190
 
Weighted average common shares outstanding
  
37,554,610
   
36,753,557
   
37,504,187
   
36,671,650
 
Weighted average common equivalent shares outstanding
  
81,188
   
65,028
   
86,011
   
69,420
 
Weighted average common and equivalent shares outstanding
  
37,635,798
   
36,818,585
   
37,590,198
   
36,741,070
 
Diluted EPS
 
$
0.32
  
$
0.30
  
$
0.61
  
$
1.67
 
 
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 or six-month periods ended June 30, 2017. There were 80,000 weighted-average stock options outstanding for the three-month and six-month periods ended June 30, 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.