Earnings per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighed average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release.

Diluted earnings per share is computed using the same method as basic earnings per share and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three and six months ended June 30, 2018 and 2017, the Company did not have any stock options outstanding.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2018 and 2017:



(Dollars in thousands, except per share amounts)	Three Months Ended June 30,
	2018			2017

Net income	$	(14,742	)	$	9,272

Basic earnings per share:
Income available to common stockholders	$	(14,742	)	$	9,272
Weighted average shares outstanding - basic	111,346,897			N/A
Basic earning per share	$	(0.13	)	N/A

Diluted earnings per share:
Income available to common stockholders	$	(14,742	)	$	9,272
Weighted average shares outstanding - diluted	111,346,897			N/A
Diluted earnings per share	$	(0.13	)	N/A


	For the Six Months Ended June 30,
	2018			2017

Net income	$	(2,958	)	$	19,567

Basic earnings per share:
Income available to common stockholders	$	(2,958	)	$	19,567
Weighted average shares outstanding - basic	111,346,897			N/A
Basic earning per share	$	(0.03	)	N/A

Diluted earnings per share:
Income available to common stockholders	$	(2,958	)	$	19,567
Weighted average shares outstanding - diluted	111,346,897			N/A
Diluted earnings per share	$	(0.03	)	N/A