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Earnings Per Share
3 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

 

 

 

2.   Earnings Per Share

The Company accounts for the shares acquired by its ESOP and the shares awarded pursuant to its restricted stock benefit plans in accordance with Accounting Standard Codification (“ASC”) 260, which requires that unvested restricted stock awards be treated as participating securities in the computation of earnings per share pursuant to the two-class method as they contain nonforfeitable rights to dividends.  The two-class method is an earnings allocation that determines earnings per share for each class of common stock and participating security.  Shares acquired by the ESOP are not considered in the basic average shares outstanding until the shares are committed for allocation or vested to an employee’s individual account.  

 

 

 

 

 

 

 

 

For the Three Months Ended

 

December 31,

 

 

2012

 

 

2011

 

(Dollars in thousands, except per share data)

Net income

$

17,563 

 

$

18,789 

Income allocated to participating securities (unvested restricted stock)

 

(60)

 

 

--

Net income available to common stockholders

 

17,503 

 

 

18,789 

 

 

 

 

 

 

Average common shares outstanding

 

147,881,207 

 

 

161,921,133 

Average committed ESOP shares outstanding

 

1,500 

 

 

1,500 

Total basic average common shares outstanding

 

147,882,707 

 

 

161,922,633 

 

 

 

 

 

 

Effect of dilutive restricted stock

 

--

 

 

4,351 

Effect of dilutive stock options

 

102 

 

 

3,743 

 

 

 

 

 

 

Total diluted average common shares outstanding

 

147,882,809 

 

 

161,930,727 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

Basic

$

0.12 

 

$

0.12 

Diluted

$

0.12 

 

$

0.12 

 

 

 

 

 

 

Antidilutive stock options and restricted stock, excluded

 

 

 

 

 

from the diluted average common shares

 

 

 

 

 

outstanding calculation

 

2,471,473 

 

 

897,136