Earnings Per Share

3 Months Ended

Sep. 30, 2021

Earnings Per Share

Earnings Per Share

Note 3: Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the earnings of the Corporation.

As of September 30, 2021 and 2020, there were outstanding options to purchase 417,000 shares and 554,500 shares of the Corporation’s common stock, respectively. Of those shares, as of September 30, 2021 and 2020, there were 116,000 shares and 419,500 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of September 30, 2021 and 2020, there were outstanding restricted stock awards of 101,250 shares and 209,000 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarter ended September 30, 2021 and 2020, respectively.

	For the Quarter Ended
	September 30,
(In Thousands, Except Earnings Per Share)	2021		2020
Numerator:
Net income – numerator for basic earnings per share and	$	2,667	$	1,485
diluted earnings per share - available to common
stockholders
Denominator:
Denominator for basic earnings per share:
Weighted-average shares		7,530		7,436
Effect of dilutive shares:
Stock options		42		21
Restricted stock		3		—
Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions		7,575		7,457
Basic earnings per share	$	0.35	$	0.20
Diluted earnings per share	$	0.35	$	0.20