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EARNINGS PER SHARE CALCULATION | 3 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE CALCULATION | EARNINGS PER SHARE CALCULATION Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share, applicable only to years ended with reported income is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The calculation of basic and diluted earnings per share is presented below:
|  | Three months ended September 30,
($ in thousands, except per share data) |  | 2024 |  | 2023
Numerator for basic and diluted loss per share |  |  |  |
Net income |  | $ | 3,572 |  |  | 2,007
Preferred dividends |  | (289) |  | (289) |
Net income applicable to common shareholders |  | $ | 3,283 |  |  | $ | 1,718 |
Denominator for basic earnings per share - Weighted average shares outstanding |  | 73,068,856 |  |  | 72,717,965 |
Effect of dilutive potential common shares |  | 852,330 |  |  | 1,587,547 |
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding |  | 73,921,186 |  |  | 74,305,512 |
Basic earnings per share |  | $ | 0.04 |  |  | $ | 0.02 |
Diluted earnings per share |  | $ | 0.04 |  |  | $ | 0.02 |
Potentially anti-dilutive shares excluded from the calculation of diluted earnings per share were approximately 0.1 million and 1 million for the three months ended September 30, 2024 and 2023, respectively.

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