Earnings Per Share (EPS)

EPS is computed by dividing net income allocated to common shareholders by the weighted average common shares outstanding (including participating securities). The Company’s only participating securities are unvested restricted stock awards that contain non-forfeitable rights to dividends. The following table shows the weighted average number of shares outstanding for the periods indicated. Shares issuable relative to stock options granted have been reflected as an increase in the shares outstanding used to calculate diluted EPS, after applying the treasury stock method. The number of shares outstanding for basic and diluted EPS is presented as follows:

	Three months Ended December 31,				Six months Ended December 31,
	2018		2017		2018		2017
	(In thousands, except share and per share data)

Net income	$	5,125	$	3,304	$	9,659	$	7,890

Weighted average shares used in calculation of basic EPS		9,048,397		8,924,495		9,022,161		8,883,003
Incremental shares from assumed exercise of dilutive securities		153,160		243,589		170,482		246,007
Weighted average shares used in calculation of diluted EPS		9,201,557		9,168,084		9,192,643		9,129,010

Basic earnings per common share	$	0.57	$	0.37	$	1.07	$	0.89
Diluted earnings per common share	$	0.56	$	0.36	$	1.05	$	0.86

For the

three

and

six

months ended

December 31, 2018

and

2017,

stock options were excluded from the calculation of diluted EPS.