Earnings Per Share

9 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022, there were outstanding options to purchase 434,500 shares and 431,000 shares of the Corporation’s common stock, respectively. Of those shares, as of March 31, 2023 and 2022, there were 434,500 shares and 130,000 shares, respectively, that were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2023 and 2022, there were outstanding restricted stock awards of 146,750 shares and 96,750 shares, respectively.

The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2023 and 2022, respectively.

	For the Quarter Ended				For the Nine Months Ended
	March 31,				March 31,
(In Thousands, Except Earnings Per Share)	2023		2022		2023		2022
Numerator:
Net income – numerator for basic earnings per share and
diluted earnings per share - available to common
stockholders	$	2,323	$	1,699	$	6,784	$	6,630
Denominator:
Denominator for basic earnings per share:
Weighted-average shares		7,081		7,358		7,181		7,442
Effect of dilutive shares:
Stock options		—		35		—		38
Restricted stock		65		20		51		11
Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed
conversions		7,146		7,413		7,232		7,491
Basic earnings per share	$	0.33	$	0.23	$	0.94	$	0.89
Diluted earnings per share	$	0.33	$	0.23	$	0.94	$	0.89