Net Income per Common Share (EPS)

12 Months Ended

Jun. 30, 2023

Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or unvested RSUs, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

The following schedule shows the Company’s earnings per share calculations for the periods presented:


	For the Year Ended June 30,
	2023		2022		2021
	(In Thousands, Except Per Share Data)
Net income	$	40,811	$	67,547	$	63,233

Weighted average number of common shares outstanding - basic	64,804		70,911		82,387
Effect of dilutive securities	—		22		4
Weighted average number of common shares outstanding- diluted	64,804		70,933		82,391

Basic earnings per share	$	0.63	$	0.95	$	0.77
Diluted earnings per share	$	0.63	$	0.95	$	0.77

Stock options for 2,983,530, 3,115,000 and 3,246,138 shares of common stock were not considered in computing diluted earnings per share at June 30, 2023, 2022 and 2021, respectively, because they were considered anti-dilutive. In addition, 497,664 and 251,905 RSUs were not considered in computing diluted earnings per share at June 30, 2023 and 2022, respectively, because they were considered anti-dilutive.