Note 13: 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, 2020 and 2019, there were outstanding options to purchase 554,500 shares and 570,750 shares of the Corporation’s common stock, respectively, of which 419,500 shares and no shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of June 30, 2020 and 2019, there were outstanding restricted stock awards of 225,500 shares and 233,500 shares, respectively.

The following table provides the basic and diluted EPS computations for the fiscal years ended June 30, 2020 and 2019, respectively:


	For the Year Ended June 30, 2020
	Income		Shares	Per-Share
(Dollars in Thousands, Except Share Amount)	(Numerator)		(Denominator)	Amount

Basic EPS	$	7,689	7,467,577	$	1.03
Effect of dilutive shares:
Stock options			71,307
Restricted stock			37,298
Diluted EPS	$	7,689	7,576,182	$	1.01


	For the Year Ended June 30, 2019
	Income		Shares	Per-Share
(Dollars in Thousands, Except Share Amount)	(Numerator)		(Denominator)	Amount

Basic EPS	$	4,417	7,484,925	$	0.59
Effect of dilutive shares:
Stock options			95,960
Restricted stock			15,383
Diluted EPS	$	4,417	7,596,268	$	0.58