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Earnings Per Share

6 Months Ended

Dec. 31, 2023

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, 2023 and 2022, there were outstanding stock options to purchase 430,000 shares and 434,500 shares of the Corporation’s common stock, respectively. As of December 31, 2023 and 2022, there were 402,000 and 434,000 outstanding stock options, respectively, excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2023 and 2022, there were outstanding restricted stock awards of 51,000 shares and 147,750 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2023 and 2022, respectively.


		For the Quarter Ended						For the Six Months Ended
		December 31,						December 31,
(In Thousands, Except Earnings Per Share)		2023			2022			2023			2022
Numerator:
Net income – numerator for basic earnings per share and
diluted earnings per share - available to common
stockholders		$	2,141		$	2,371		$	3,903		$	4,461

Denominator:
Denominator for basic earnings per share:
Weighted-average shares			6,969			7,185			6,993			7,229

Less effect of dilutive shares:
Stock options			—			—			—			—
Restricted stock			12			52			11			44

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions			6,981			7,237			7,004			7,273

Basic earnings per share		$	0.31		$	0.33		$	0.56		$	0.62
Diluted earnings per share		$	0.31		$	0.33		$	0.56		$	0.61