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EARNINGS PER SHARE

6 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 8. EARNINGS PER SHARE

The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.

The following table sets forth the computation for basic and diluted EPS:

		Six Months Ended December 31,								Three Months Ended December 31,
(dollars in thousands, except per share data)		2021				2020				2021				2020
Net Income		$	5,980			$	18,605			$	3,590			$	16,661

Weighted average number of outstanding shares
Basic			15,025,953				15,081,544				15,021,792				15,082,539
Effect of dilutive securities
Employee stock options			1,054				305				1,022				404
Diluted			15,027,007				15,081,849				15,022,814				15,082,943

Earnings Per Share
Basic Net Income per Share		$	0.40			$	1.23			$	0.24			$	1.10
Diluted Net Income per Share		$	0.40			$	1.23			$	0.24			$	1.10

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period, as their inclusion would be anti-dilutive. For the three and six months ended December 31, 2021, employee stock options for 231,000 were excluded from diluted EPS. For the three and six months ended December 31, 2020, no employee stock options were excluded from diluted EPS.

During the three and six months ended December 31, 2021, and 2020, the Company repurchased class A shares on the open market. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.