Earnings Per Share

9 Months Ended

Mar. 31, 2021

Note 3: 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 March 31, 2021, there were outstanding options to purchase 420,000 shares with a weighted average strike price of $16.16 per share, of which 330,000 shares with a weighted average strike price of $15.06 per share were exercisable. In comparison, there were outstanding options to purchase 554,500 shares with a weighted average strike price of $14.07 per share at March 31, 2020, of which 451,500 shares with a weighted average strike price of $12.70 per share were exercisable. As of March 31, 2021 and 2020, there were outstanding restricted stock awards of 207,500 shares and 225,500 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarter and nine months ended March 31, 2021 and 2020, respectively.


	For the Quarter Ended				For the Nine Months Ended
	March 31,				March 31,
(In Thousands, Except Earnings Per Share)	2021		2020		2021		2020
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,561	$	1,145	$	4,222	$	6,105

Denominator:
Denominator for basic earnings per share:
Weighted-average shares		7,463		7,469		7,447		7,478

Effect of dilutive shares:
Stock options		70		71		54		87
Restricted stock		47		50		20		41

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions		7,580		7,590		7,521		7,606

Basic earnings per share	$	0.21	$	0.15	$	0.57	$	0.82
Diluted earnings per share	$	0.21	$	0.15	$	0.56	$	0.80