Earnings per Share

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS 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 years ended December 31, 2018, September 30, 2017 and 2016, and the three months ended December 31, 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 years ended December 31, 2018, September 30, 2017 and 2016, and the three months ended December 31, 2017:



	December 31,		Three Months Ended December 31,		September 30,
	2018		2017		2017		2016
	(Dollars in thousands, except per share data)
Net income	$	22,736	$	3,678	$	31,072	$	32,953

Basic earnings per share:
Weighted average shares outstanding - basic	111,395,723		N/A		N/A		N/A
Basic earnings per share	$	0.20	N/A		N/A		N/A

Diluted earnings per share:
Weighted average shares outstanding - diluted	111,395,723		N/A		N/A		N/A
Diluted earnings per share	$	0.20	N/A		N/A		N/A