Earnings Per Share

6 Months Ended

Sep. 30, 2013

Notes

Earnings Per Share

4.                   EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items.

Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from assumed conversion of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing earnings per share. 

For the three and six months ended September 30, 2013, stock options for 447,000 and 427,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.  For the three and six months ended September 30, 2012, stock options for 421,000 and 424,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.

		Three Months Ended September 30,				Six Months Ended September 30,
		2013		2012		2013		2012
Basic EPS computation:
Numerator-net income	$	341,000	$	1,787,000	$	1,981,000	$	7,000
Denominator-weighted average common shares outstanding		22,364,120		22,339,487		22,361,058		22,336,425
Basic EPS	$	0.02	$	0.08	$	0.09	$	0.00
Diluted EPS computation:
Numerator-net income	$	341,000	$	1,787,000	$	1,981,000	$	7,000
Denominator-weighted average common shares outstanding		22,364,120		22,339,487		22,361,058		22,336,425
Effect of dilutive stock options		1,340		-		883		-
Weighted average common shares and common stock equivalents		22,365,460		22,339,487		22,361,941		22,336,425
Diluted EPS	$	0.02	$	0.08	$	0.09	$	0.00