Note 6 - Earnings Per Share

6 Months Ended

Dec. 31, 2022

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 6,216 shares of restricted stock that were anti-dilutive for the three-month and six-month periods ended December 31, 2022. There were no shares of restricted stock that were anti-dilutive for the three-month period ended December 31, 2021 and 9,766 shares of restricted stock that were anti-dilutive for the six month period ended December 31, 2021. The following table details the calculation of basic and diluted earnings per share:

	For the Three Months Ended December 31,				For the Six Months Ended December 31,
	2022		2021		2022		2021
Basic:
Net income available to common shareholders	$	2,809	$	3,162	$	5,344	$	5,827
Weighted average common shares outstanding		3,076,207		3,034,362		3,065,719		3,032,416
Basic income per share	$	0.91	$	1.04	$	1.74	$	1.92
Diluted:
Net income available to common shareholders	$	2,809	$	3,162	$	5,344	$	5,827
Weighted average common shares outstanding		3,076,207		3,034,362		3,065,719		3,032,416
Dilutive effect of restricted stock		814		438		—		233
Total common shares and dilutive potential common shares		3,077,021		3,034,800		3,065,719		3,032,649
Dilutive income per share	$	0.91	$	1.04	$	1.74	$	1.92