Earnings Per Share

3 Months Ended

Sep. 30, 2022

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, 2022 and 2021, there were outstanding options to purchase 461,000 shares and 417,000 shares of the Corporation’s common stock, respectively. Of those shares, as of September 30, 2022 and 2021, there were 461,000 shares and 116,000 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of September 30, 2022 and 2021, there were outstanding restricted stock awards of 147,750 shares and 101,250 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters ended September 30, 2022 and 2021, respectively.

	For the Quarter Ended
	September 30,
(In Thousands, Except Earnings Per Share)	2022		2021
Numerator:
Net income – numerator for basic earnings per share and
diluted earnings per share - available to common
stockholders	$	2,090	$	2,667
Denominator:
Denominator for basic earnings per share:
Weighted-average shares		7,273		7,530
Effect of dilutive shares:
Stock options		—		42
Restricted stock		37		3
Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions		7,310		7,575
Basic earnings per share	$	0.29	$	0.35
Diluted earnings per share	$	0.29	$	0.35