Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period. Diluted EPS 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 would then share in the earnings of the Corporation.

As of June 30, 2018, 2017 and 2016, there were outstanding options to purchase 529,000 shares, 665,250 shares and 940,500 shares of the Corporation’s common stock, respectively, of which 20,000 shares, 70,000 shares and 216,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of June 30, 2018, 2017 and 2016, there were outstanding restricted stock awards of 98,500 shares, 111,000 shares and 190,000 shares, respectively.

The following table provides the basic and diluted EPS computations for the fiscal years ended June 30, 2018, 2017 and 2016, respectively:



(Dollars in Thousands, Except Share Amount)		For the Year Ended June 30, 2018
(Dollars in Thousands, Except Share Amount)		Income (Numerator)		Shares (Denominator)		Per-Share Amount

Basic EPS		$	2,131		7,542,071		$	0.28
Effect of dilutive shares:
	Stock options				104,796
	Restricted stock				53,504
Diluted EPS		$	2,131		7,700,371		$	0.28



(Dollars in Thousands, Except Share Amount)		For the Year Ended June 30, 2017
(Dollars in Thousands, Except Share Amount)		Income (Numerator)		Shares (Denominator)		Per-Share Amount

Basic EPS		$	5,207		7,918,454		$	0.66
Effect of dilutive shares:
	Stock options				148,536
	Restricted stock				32,001
Diluted EPS		$	5,207		8,098,991		$	0.64



(Dollars in Thousands, Except Share Amount)		For the Year Ended June 30, 2016
(Dollars in Thousands, Except Share Amount)		Income (Numerator)		Shares (Denominator)		Per-Share Amount

Basic EPS		$	7,474		8,347,564		$	0.90
Effect of dilutive shares:
	Stock options				127,546
	Restricted stock				66,444
Diluted EPS		$	7,474		8,541,554		$	0.88