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Note 8 - Earnings Per Share | 3 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
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.
|  | Three Months Ended |
|  | September 30, |
(dollars in thousands, except per share data) |  | 2022 |  |  | 2021 |
Net Income |  | $ | 118 |  |  | $ | 2,390 |
Weighted average number of outstanding shares |  |  |  |  |  |  |  |
Basic |  |  | 14,948,688 |  |  |  | 15,030,115 |
Effect of dilutive securities |  |  |  |  |  |  |  |
Stock options |  |  | 587 |  |  |  | 1,084 |
Diluted |  |  | 14,949,275 |  |  |  | 15,031,199 |
Earnings Per Share |  |  |  |  |  |  |  |
Basic Net Income per Share |  | $ | 0.01 |  |  | $ | 0.16 |
Diluted Net Income per Share |  | $ | 0.01 |  |  | $ | 0.16 |
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 months ended September 30, 2022, employee stock options for 229,000 were excluded from diluted EPS. For the three months ended September 30, 2021, employee stock options for 231,000 were excluded from diluted EPS. During the three months ended September 30, 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.

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