EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2018

NOTE 10

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EARNINGS PER COMMON SHARE

Basic earnings per share represents net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Under the Company’s 2012 and 2016 Equity Incentive Plans, stock awards contain non-forfeitable dividend rights. Accordingly, these shares are considered outstanding for computation of basic earnings per share. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(In thousands, except per share data)
Net income applicable to common stock	$	1,420		$	937		$	2,857		$	1,818

Average number of common shares issued		2,506			2,488			2,506			2,486
Less: Average unallocated ESOP shares		(111	)		(123	)		(112	)		(125	)

Average number of common shares outstanding used to calculate basic earnings per common share		2,396			2,365			2,394			2,361
Effect of dilutive stock options		105			85			99			85

Average number of common shares outstanding used to calculate diluted earnings per share		2,501			2,450			2,493			2,446
Earnings per common share:
Basic	$	0.59		$	0.40		$	1.19		$	0.77
Diluted	$	0.57		$	0.38		$	1.15		$	0.74

There were no anti-dilutive options that were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2018 and 2017.