Note 6 - Earnings Per Share

3 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 6 – Earnings Per Share

Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period and is equal to net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares that may be issued upon the vesting of restricted stock awards. There were 11,461 shares of restricted stock that were anti-dilutive for the three-month period ended September 30, 2020. The following table details the calculation of basic and diluted earnings per share:

	For the Three Months Ended September 30,
	2021		2020
Basic:
Net income available to common shareholders	$	2,665	$	2,401
Weighted average common shares outstanding		3,024,794		3,010,844
Basic income per share	$	0.88	$	0.80
Diluted:
Net income available to common shareholders	$	2,665	$	2,401
Weighted average common shares outstanding		3,024,794		3,010,844
Dilutive effect of restricted stock		202		—
Total common shares and dilutive potential common shares		3,024,996		3,010,844
Dilutive income per share	$	0.88	$	0.80