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Earnings Per Share

9 Months Ended

Mar. 31, 2022

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 March 31, 2022 and 2021, there were outstanding options to purchase 431,000 shares and 420,000 shares of the Corporation’s common stock, respectively. Of those shares, as of March 31, 2022 and 2021, there were 130,000 shares and 116,000 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2022 and 2021, there were outstanding restricted stock awards of 96,750 shares and 207,500 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2022 and 2021, respectively.


		For the Quarter Ended						For the Nine Months Ended
		March 31,						March 31,
(In Thousands, Except Earnings Per Share)		2022			2021			2022			2021
Numerator:
Net income – numerator for basic earnings per share and
diluted earnings per share - available to common
stockholders		$	1,699		$	1,561		$	6,630		$	4,222

Denominator:
Denominator for basic earnings per share:
Weighted-average shares			7,358			7,463			7,442			7,447

Effect of dilutive shares:
Stock options			35			70			38			54
Restricted stock			20			47			11			20

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions			7,413			7,580			7,491			7,521

Basic earnings per share		$	0.23		$	0.21		$	0.89		$	0.57
Diluted earnings per share		$	0.23		$	0.21		$	0.89		$	0.56