Note 6 - Earnings Per Share

9 Months Ended

Mar. 31, 2023

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 5,328 shares of restricted stock that were anti-dilutive for the three-month and nine-month periods ended March 31, 2023. There were no shares of restricted stock that were anti-dilutive for the three-month period ended March 31, 2022 and 8,878 shares of restricted stock that were anti-dilutive for the nine month period ended March 31, 2022. The following table details the calculation of basic and diluted earnings per share:

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
	2023		2022		2023		2022
Basic:
Net income available to common shareholders	$	2,636	$	2,585	$	7,980	$	8,412
Weighted average common shares outstanding		3,078,595		3,039,049		3,072,336		3,036,473
Basic income per share	$	0.86	$	0.85	$	2.60	$	2.77
Diluted:
Net income available to common shareholders	$	2,636	$	2,585	$	7,980	$	8,412
Weighted average common shares outstanding		3,078,595		3,039,049		3,072,336		3,036,473
Dilutive effect of restricted stock		1,218		503		—		275
Total common shares and dilutive potential common shares		3,079,813		3,039,552		3,072,336		3,036,748
Dilutive income per share	$	0.86	$	0.85	$	2.60	$	2.77