| Earnings Per Share |
2. EARNINGS PER SHARE
Basic
earnings per share represent income available to shareholders
divided by the weighted average number of common shares outstanding
during the period. Diluted earnings per share reflect
additional common shares that would have been outstanding if
dilutive potential shares had been issued, as well as any
adjustment to income that would result from the assumed
issuance. Potential common shares that may be issued by
us relate solely to outstanding stock options and are determined
using the treasury stock method.
Earnings
per common share for the three and six months ended June 30, 2013
and 2012 have been computed based on the following:
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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(In
thousands, except per share data)
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Net
income applicable to common stock
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$ |
1,584 |
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$ |
974 |
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|
$ |
3,366 |
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$ |
3,313 |
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Average
number of common shares issued
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21,464 |
|
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|
26,414 |
|
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|
21,885 |
|
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|
26,578 |
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Less:
Average unallocated ESOP shares
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|
(1,181 |
) |
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|
(1,265 |
) |
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|
(1,191 |
) |
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(1,275 |
) |
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Less:
Average ungranted equity incentive plan shares
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(7 |
) |
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(7 |
) |
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(7 |
) |
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(7 |
) |
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Average
number of common shares outstanding used
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to
calculate basic earnings per common share
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20,276 |
|
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|
25,142 |
|
|
|
20,687 |
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|
|
25,296 |
|
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Effect
of dilutive stock options
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|
- |
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|
16 |
|
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|
- |
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|
34 |
|
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Average
number of common shares outstanding used
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|
|
|
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to
calculate diluted earnings per common share
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|
20,276 |
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|
25,158 |
|
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|
20,687 |
|
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|
25,330 |
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Basic
earnings per share
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|
$ |
0.08 |
|
|
$ |
0.04 |
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|
$ |
0.16 |
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$ |
0.13 |
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Diluted
earnings per share
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$ |
0.08 |
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|
$ |
0.04 |
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|
$ |
0.16 |
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|
$ |
0.13 |
|
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Antidilutive
shares (1)
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|
1,669 |
|
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|
1,670 |
|
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|
1,665 |
|
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|
1,662 |
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___________________
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(1)
Shares outstanding but not included in the computation of earnings
per share because they were anti-dilutive, meaning the exercise
price of such options exceeded the market value of the
Company’s common stock
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