EX-11 2 september302017exhibit11.htm EXHIBIT 11 Exhibit


EXHIBIT 11
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(Unaudited)

 
 
Three Months Ended
September 30,
 
Six Months Ended September 30,
$ in thousands except per share data
 
2017
 
2016
Restated (1)
 
2017
 
2016
Restated (1)
Earnings (loss) per common share
 
 
 
 
 
 
 
 
Net (loss) income (1)
 
$
(594
)
 
$
(251
)
 
$
(1,235
)
 
$
74

Less: Participated securities share of undistributed earnings (1)
 
—

 
—

 
—

 
45

Net (loss) income available to common shareholders (1)
 
$
(594
)
 
$
(251
)
 
$
(1,235
)
 
$
29

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
3,696,420

 
3,696,420

 
3,696,420

 
3,696,420

Effect of dilutive Management Recognition Plan ("MRP") shares
 
—

 
—

 
—

 
4,000

Weighted average common shares outstanding - diluted
 
3,696,420

 
3,696,420

 
3,696,420

 
3,700,420

 
 
 
 
 
 
 
 
 
Basic (loss) earnings per common share (1)
 
$
(0.16
)
 
$
(0.07
)
 
$
(0.33
)
 
$
0.01

Diluted (loss) earnings per common share (1)
 
$
(0.16
)
 
$
(0.07
)
 
$
(0.33
)
 
$
0.01

(1) September 30, 2016 balances have been restated from previously reported results to correct for material and certain other errors from prior periods. Refer to Note 1 for further detail.