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Earnings Per Share

6 Months Ended

Dec. 31, 2021

Earnings Per Share

Earnings Per Share

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 December 31, 2021 and 2020, there were outstanding options to purchase 431,000 shares and 549,000 shares of the Corporation’s common stock, respectively. Of those shares, as of December 31, 2021 and 2020, there were 130,000 shares and 135,000 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2021 and 2020, there were outstanding restricted stock awards of 99,250 shares and 207,500 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2021 and 2020, respectively.


		For the Quarter Ended						For the Six Months Ended
		December 31,						December 31,
(In Thousands, Except Earnings Per Share)		2021			2020			2021			2020
Numerator:
Net income – numerator for basic earnings per share and		$	2,264		$	1,176		$	4,931		$	2,661
diluted earnings per share - available to common
stockholders

Denominator:
Denominator for basic earnings per share:
Weighted-average shares			7,435			7,442			7,483			7,439

Effect of dilutive shares:
Stock options			37			37			39			29
Restricted stock			11			13			7			7

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed			7,483			7,492			7,529			7,475
conversions

Basic earnings per share		$	0.30		$	0.16		$	0.66		$	0.36
Diluted earnings per share		$	0.30		$	0.16		$	0.65		$	0.36