Earnings Per Common Share ("EPS")

9 Months Ended

Mar. 31, 2016

Note 4:

Earnings Per Common Share (“EPS”)

Basic and diluted earnings per common share are presented for the three month and nine month periods ended March 31, 2016 and 2015. The factors used in the earnings per common share computation are as follows:


	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Net income	$	944		$	890		$	2,498		$	2,484

Basic weighted average shares outstanding		4,014,061			4,253,557			4,035,020			4,277,647
Less: Average unallocated ESOP shares		(295,892	)		(315,137	)		(300,703	)		(319,948	)

Basic average shares outstanding		3,718,169			3,938,420			3,734,317			3,957,699

Diluted effect of restricted stock awards and stock options		4,436			—			2,645			—

Diluted average shares outstanding		3,722,605			3,938,420			3,736,962			3,957,699

Basic earnings per common share	$	0.25		$	0.23		$	0.67		$	0.63

Diluted earnings per common share	$	0.25		$	0.23		$	0.67		$	0.63

The Company announced a stock repurchase plan on May 21, 2015, whereby the Company could repurchase up to 210,313 shares of its common stock, or approximately 5% of the then current outstanding shares. There were 83,313 shares of the Company’s common stock repurchased by the Company during the nine months ended March 31, 2016, which completed the repurchase of all 210,313 shares at an average price of $16.86 per share. The Company announced another stock repurchase plan on February 5, 2016, which allowed the Company to repurchase up to 200,703 shares of its common stock, or approximately 5% of its then current outstanding shares. As of March 31, 2016, no shares had been repurchased under this plan.

On December 10, 2013, the Company awarded 85,500 shares of restricted stock and 167,000 in stock options to officers and directors of the Association as part of the IF Bancorp, Inc. 2012 Equity Incentive Plan. The restricted stock will vest over 10 years and the stock options will vest over 7 years, both starting in December 2014. On December 10, 2015, the Company awarded 16,900 shares of restricted stock to officers and directors of the Association as part of this plan. This restricted stock will vest over 8 years, starting in December 2016. In the six months ended December 31, 2015, one participant exercised 2,857 stock options and another participant fully vested their remaining 9,429 stock options and 5,400 shares of restricted stock. The remaining 164,143 in stock options and 79,662 shares of non-vested restricted stock were not included in the computation of diluted earnings per share as the stock awards were considered antidilutive for the three and nine month periods ended March 31, 2016.