EARNINGS PER COMMON SHARE

12 Months Ended

Sep. 30, 2015

EARNINGS PER COMMON SHARE [Abstract]

EARNINGS PER COMMON SHARE

NOTE 5.  EARNINGS PER COMMON SHARE

Basic EPS is based on the net income divided by the weighted-average number of common shares outstanding during the period.  Allocated Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for EPS calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding.  All ESOP shares were allocated as of September 30, 2015, and September 30, 2014.  Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements.

A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2015, 2014 and 2013 is presented below.

	2015			2014			2013
	(Dollars in Thousands, Except Share and Per Share Data)
Earnings
Net income	$	18,055		$	15,713		$	13,418
Basic EPS
Weighted average common shares outstanding		6,730,086			6,117,577			5,595,733
Less weighted average nonvested shares		(4,237	)		(4,301	)		(2,032	)
Weighted average common shares outstanding		6,725,849			6,113,276			5,593,701
Earnings Per Common Share
Basic	$	2.68		$	2.57		$	2.40
Diluted EPS
Weighted average common shares outstanding for basic earnings per common share		6,725,849			6,113,276			5,593,701
Add dilutive effect of assumed exercises of stock options, net of tax benefits		68,951			85,133			53,437
Weighted average common and dilutive potential common shares outstanding		6,794,800			6,198,409			5,647,138
Earnings Per Common Share
Diluted	$	2.66		$	2.53		$	2.38

Stock options totaling 28,891, 29,984 and 88,828 were not considered in computing diluted earnings per common share for the years ended September 30, 2015, 2014 and 2013, respectively, because they were anti-dilutive.