Earnings per Common Share

3 Months Ended

Mar. 31, 2015

Earnings per Common Share

Earnings per Common Share

(5)Earnings per Common Share

Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period.  Diluted earnings per share reflects 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.  There were no potentially dilutive common stock equivalents as of March 31, 2015.  Earnings (loss) per share is not presented for the three months ended March 31, 2014 as common shares had not been outstanding during the entire period.  Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Earnings (loss) per common share have been computed as follows three months ended March 31, 2015:

(Dollars in thousands except per share amounts)
Net income applicable to common stock	$	373
Average number of common shares outstanding	4,948,502
Less: Average unallocated ESOP shares	(378,112		)
Average number of common shares outstanding used to calculate basic and fully diluted earnings per common share	4,570,390
Earnings per share — basic and diluted	$	0.08

On January 30, 2015, the Corporation authorized a program to repurchase, from time to time and as market and business conditions warrant, up to 247,499 shares of the Corporation’s common stock.  During the three months ended March 31, 2015, 8,700 shares were repurchased for a cost of $97,000.