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EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2022

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.

		Nine Months Ended March 31,								Three Months Ended March 31,
(dollars in thousands, except per share data)		2022				2021				2022				2021
Net Income (Loss)		$	5,134			$	27,212			$	(846	)		$	8,607

Weighted average number of outstanding shares
Basic			15,020,920				15,075,064				15,010,630				15,061,818
Effect of dilutive securities
Stock options			1,023				731				952				1,170
Diluted			15,021,943				15,075,795				15,011,582				15,062,988

Earnings Per Share
Basic Net Income (Loss) per share		$	0.34			$	1.81			$	(0.06	)		$	0.57
Diluted Net Income (Loss) per share		$	0.34			$	1.81			$	(0.06	)		$	0.57

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 nine months ended March 31, 2022, employee stock options for 231,000 were excluded from diluted EPS. For the three and nine months ended March 31, 2021, no employee stock options were excluded from diluted EPS.

During the three and nine months ended March 31, 2022, and 2021, 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.