Earnings per Common Share

3 Months Ended

Sep. 30, 2012

Earnings per Common Share

Note 7—Earnings per Common Share

Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares.

The computation of basic and diluted earnings per share is as follows:

	Three Months Ended
	September 30,		September 30,
	2012		2011
	(In thousands, except per share data)
Basic EPS:
Net income	$	4,684	$	3,509
Weighted average shares outstanding		25,788		26,400
Basic EPS	$	0.18	$	0.13
Diluted EPS:
Weighted average shares outstanding—basic		25,788		26,400
Dilutive stock options		70		87
Dilutive nonvested deferred shares		290		235
Diluted weighted average shares		26,148		26,722
Diluted EPS	$	0.18	$	0.13

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:

	Three Months Ended
	September 30,		September 30,
	2012		2011
	(In thousands)
Stock options		327		105
Nonvested deferred shares		32		48
Total antidilutive securities		359		153