Earnings Per Share

3 Months Ended

Sep. 30, 2023

(7) Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no dilutive or anti-dilutive securities or contracts outstanding during the three months ended September 30, 2023 and 2022.

On March 23, 2023, the Company effected a 2-for-1 stock split in the form of a stock dividend on its outstanding shares of common stock. Weighted-average number of shares and earnings per share have been retroactively adjusted in all periods presented as if the new shares had been issued and outstanding at the same time as the original shares.

	For the three months ended September 30,
	2023		2022

Net Income	$	6,469,000	$	9,036,000
Weighted Average Shares – Basic		17,026,828		17,026,828
Weighted Average Shares - Diluted		17,026,828		17,026,828

Earnings per share - Basic	$	0.38	$	0.53
Earnings per share - Diluted	$	0.38	$	0.53