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Earnings Per Share

6 Months Ended

Dec. 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 December 31, 2022 and 2021, there were outstanding options to purchase 434,500 shares and 431,000 shares of the Corporation’s common stock, respectively. Of those shares, as of December 31, 2022 and 2021, there were 434,000 shares and 130,000 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2022 and 2021, there were outstanding restricted stock awards of 147,750 shares and 99,250 shares, respectively.

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


		For the Quarter Ended						For the Six Months Ended
		December 31,						December 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		$	2,371		$	2,264		$	4,461		$	4,931

Denominator:
Denominator for basic earnings per share:
Weighted-average shares			7,185			7,435			7,229			7,483

Effect of dilutive shares:
Stock options			—			37			—			39
Restricted stock			52			11			44			7

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions			7,237			7,483			7,273			7,529

Basic earnings per share		$	0.33		$	0.30		$	0.62		$	0.66
Diluted earnings per share		$	0.33		$	0.30		$	0.61		$	0.65