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Earnings Per Share

9 Months Ended

Mar. 31, 2024

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, 2024 and 2023, there were outstanding stock options to purchase 410,000 shares and 434,500 shares of the Corporation’s common stock, respectively. As of March 31, 2024 and 2023, there were 382,000 and 434,500 outstanding stock options, respectively, excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2024 and 2023, there were outstanding restricted stock awards of 51,000 shares and 146,750 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2024 and 2023, respectively.


		For the Quarter Ended						For the Nine Months Ended
		March 31,						March 31,
(In Thousands, Except Earnings Per Share)		2024			2023			2024			2023
Numerator:
Net income – numerator for basic earnings per share and
diluted earnings per share - available to common
stockholders		$	1,495		$	2,323		$	5,398		$	6,784

Denominator:
Denominator for basic earnings per share:
Weighted-average shares			6,919			7,081			6,968			7,181

Less effect of dilutive shares:
Stock options			—			—			—			—
Restricted stock			16			65			13			51

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions			6,935			7,146			6,981			7,232

Basic earnings per share		$	0.22		$	0.33		$	0.77		$	0.94
Diluted earnings per share		$	0.22		$	0.33		$	0.77		$	0.94