Net Income Per Common Share ("EPS")

6 Months Ended

Dec. 31, 2018

3. NET INCOME PER COMMON SHARE (“EPS”)

Basic EPS is based on the weighted average number of common shares actually outstanding including both vested and unvested restricted stock awards adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

	Three Months Ended						Six Months Ended
	December 31, 2018						December 31, 2018
	Income (Numerator)		Shares (Denominator)		Per Share Amount		Income (Numerator)		Shares (Denominator)		Per Share Amount
	(In Thousands, Except Per Share Data)						(In Thousands, Except Per Share Data)

Net income	$	10,768					$	21,914
Basic earnings per share, income available to common stockholders	$	10,768		92,434	$	0.12	$	21,914		93,780	$	0.23
Effect of dilutive securities:
Stock options				46						51
	$	10,768		92,480	$	0.12	$	21,914		93,831	$	0.23

	Three Months Ended						Six Months Ended
	December 31, 2017						December 31, 2017
	Income (Numerator)		Shares (Denominator)		Per Share Amount		Income (Numerator)		Shares (Denominator)		Per Share Amount
	(In Thousands, Except Per Share Data)						(In Thousands, Except Per Share Data)

Net income	$	1,269					$	6,501
Basic earnings per share, income available to common stockholders	$	1,269		77,174	$	0.02	$	6,501		78,411	$	0.08
Effect of dilutive securities:
Stock options				65						63
	$	1,269		77,239	$	0.02	$	6,501		78,474	$	0.08

During the three and six months ended December 31, 2018, the average number of options which were considered anti-dilutive totaled approximately 3,270,000 and 3,099,000, respectively. During the three and six months ended December 31, 2017, the average number of options which were considered anti-dilutive totaled approximately 3,290,000 and 3,290,000, respectively.