Earnings per Share

6 Months Ended

Jun. 30, 2016

Note 3. Earnings per Share

The following reconciles shares outstanding for basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 (in thousands):


		Three months ended						Six months ended
		June 30,						June 30,
		2016			2015			2016			2015
Weighted average shares issued net of Treasury shares			22,861			16,811			20,083			16,856
Less:	Unallocated ESOP shares		(349	)		(382	)		(353	)		(386	)
	Unallocated incentive award shares and shares held by deferred compensation plan		(34	)		(28	)		(36	)		(37	)

Average basic shares outstanding			22,478			16,401			19,694			16,433
Add:	Effect of dilutive securities:
	Stock options		382			20			282			20
	Shares held by deferred compensation plan		20			172			20			160

Average diluted shares outstanding			22,880			16,593			19,996			16,613

For the three months ended June 30, 2016 and 2015, antidilutive stock options of 1,310,000 and 839,000, respectively, were excluded from earnings per share calculations. For the six months ended June 30, 2016 and 2015, antidilutive stock options of 1,317,000 and 744,000, respectively, were excluded from earnings per share calculations.