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Earnings Per Share
9 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

2.   Earnings Per Share

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.  Unvested shares awarded pursuant to the Company’s restricted stock benefit plans are 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

June 30,

   

June 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

(Dollars in thousands, except per share data)

Net income

$

19,983 

 

$

17,995 

 

$

57,484 

 

$

53,273 

Income allocated to participating securities

 

(41)

 

 

(50)

 

 

(135)

 

 

(161)

Net income available to common stockholders

$

19,942 

 

$

17,945 

 

$

57,349 

 

$

53,112 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

138,248,629 

 

 

142,985,022 

 

 

140,205,057 

 

 

145,379,101 

Average committed ESOP shares outstanding

 

83,052 

 

 

277,512 

 

 

41,601 

 

 

139,009 

Total basic average common shares outstanding

 

138,331,681 

 

 

143,262,534 

 

 

140,246,658 

 

 

145,518,110 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive stock options

 

2,723 

 

 

790 

 

 

1,136 

 

 

112 

 

 

 

 

 

 

 

 

 

 

 

 

Total diluted average common shares outstanding

 

138,334,404 

 

 

143,263,324 

 

 

140,247,794 

 

 

145,518,222 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.14 

 

$

0.13 

 

$

0.41 

 

$

0.37 

Diluted

$

0.14 

 

$

0.13 

 

$

0.41 

 

$

0.37 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive stock options, excluded

 

 

 

 

 

 

 

 

 

 

 

from the diluted average common shares

 

 

 

 

 

 

 

 

 

 

 

outstanding calculation

 

2,052,485 

 

 

2,444,932 

 

 

2,064,175 

 

 

2,465,393