Earnings Per Common Share ("EPS")

9 Months Ended

Mar. 31, 2020

Note 4: Earnings Per Common Share (“EPS”)

Basic and diluted earnings per common share are presented for the three month and nine month periods ended March 31, 2020 and 2019. The factors used in the earnings per common share computation are as follows:


	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019			Nine Months Ended March 31, 2020			Nine Months Ended March 31, 2019
Net income	$	810		$	804		$	2,874		$	2,525

Basic weighted average shares outstanding		3,256,972			3,597,762			3,352,546			3,762,126
Less: Average unallocated ESOP shares		(218,912	)		(238,157	)		(223,723	)		(242,968	)

Basic average shares outstanding		3,038,060			3,359,605			3,128,823			3,519,158

Diluted effect of restricted stock awards and stock options		51,662			45,749			53,740			57,472

Diluted average shares outstanding		3,089,722			3,405,354			3,182,563			3,576,630

Basic earnings per common share	$	0.27		$	0.24		$	0.92		$	0.72

Diluted earnings per common share	$	0.26		$	0.24		$	0.90		$	0.71

The Company announced a stock repurchase plan on June 12, 2019, whereby the Company could repurchase up to 89,526 shares of its common stock, or approximately 2.5% of its then current outstanding shares. As of September 30, 2019, 20,200 shares were repurchased at an average price of $21.17 per share. On September 13, 2019, the Company announced an increase in the number of shares that may be repurchased under the Company’s existing stock repurchase plan, whereby the Company could repurchase up to 320,476 shares, or approximately 9.0% of its then outstanding shares.

As of March 31, 2020, the Company had repurchased all shares under this plan at an average price of $22.12 per share.