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Net Income Per Share
 9 Months Ended
Mar. 31, 2025
Net Income Per Share [Abstract]  
Net Income per Share

Note 3. Net Income per Share

 

Basic net income per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. The computation of diluted net income per share excluded options to purchase 2,500 shares of our common stock for the three and nine months ended March 31, 2025 and 60,766 shares for the three and nine months ended March 31, 2024, as the effect of including them would be anti-dilutive. As unearned shares owned by the Company’s sponsored leveraged employee stock ownership plan (the “ESOP”) are released or committed-to-be-released, the shares become outstanding for earnings-per-share computations.

 

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the three month periods ended March 31:

 

    2025     2024  
Numerator:                
Net income   $ 1,704,487     $ 1,031,930  
Denominator:                
                 
Basic EPS:                
Common shares outstanding, beginning of period     2,796,758       2,706,633  
Unearned ESOP shares     (200,652 )     (222,566 )
Weighted average common shares issued during the period     3,794       7,778  
Weighted average ESOP shares earned during the period     60       61  
Denominator for basic earnings per common shares –                
Weighted average common shares     2,599,960       2,491,906  
                 
Diluted EPS:                
Common shares outstanding, beginning of period     2,796,758       2,706,633  
Unearned ESOP shares     (200,652 )     (222,566 )
Weighted average common shares issued during the period     3,794       7,778  
Weighted average ESOP shares earned during the period     60       61  
Weighted average dilutive effect of stock options     99,714       80,015  
Denominator for diluted earnings per common shares –                
Weighted average common shares     2,699,674       2,571,921  

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the nine month periods ended March 31:

 

   2025   2024 
Numerator:          
Net income  $5,211,303   $3,921,844 
Denominator:          
           
Basic EPS:          
Common shares outstanding, beginning of period   2,733,958    2,702,633 
Unearned ESOP shares   (211,487)   (233,646)
Weighted average common shares issued during the period   41,606    5,606 
Weighted average ESOP shares earned during the period   5,437    5,560 
Denominator for basic earnings per common shares –          
Weighted average common shares   2,569,514    2,480,153 
           
Diluted EPS:          
Common shares outstanding, beginning of period   2,733,958    2,702,633 
Unearned ESOP shares   (211,487)   (233,646)
Weighted average common shares issued during the period   41,606    5,606 
Weighted average ESOP shares earned during the period   5,437    5,560 
Weighted average dilutive effect of stock options   99,414    39,555 
Denominator for diluted earnings per common shares –          
Weighted average common shares   2,668,928    2,519,708