Net Income per Common Share (EPS)

12 Months Ended

Jun. 30, 2022

Note 22 – Net Income per Common Share (EPS)

Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or unvested RSUs, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding.

The following schedule shows the Company’s earnings per share calculations for the periods presented:


	For the Year Ended June 30,
	2022		2021		2020
	(In Thousands, Except Per Share Data)
Net income	$	67,547	$	63,233	$	44,965

Weighted average number of common shares outstanding - basic		70,911		82,387		82,409
Effect of dilutive securities		22		4		21
Weighted average number of common shares outstanding- diluted		70,933		82,391		82,430

Basic earnings per share	$	0.95	$	0.77	$	0.55
Diluted earnings per share	$	0.95	$	0.77	$	0.55

Stock options for 3,115,000, 3,246,138 and 3,115,000 shares of common stock were not considered in computing diluted earnings per share at June 30, 2022, 2021 and 2020, respectively, because they were considered anti-dilutive. In addition, 251,905 RSUs were not considered in computing diluted earnings per share at June 30, 2022 because the RSUs were considered anti-dilutive.