Earnings Per Share ("EPS")

9 Months Ended

Mar. 31, 2022

Note 9. Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted EPS is calculated in a similar matter, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. Dilutive financial instruments include stock options and unvested restricted stock. The following table provides factors used in the earnings per share computation.


	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(Dollars in thousands, except share and per share data)
Net income applicable to common stock	$	3,474		$	3,592		$	11,376		$	9,014

Average number of common shares outstanding		15,122,502			15,684,763			15,228,422			16,022,046
Less: Average unallocated ESOP shares		(956,727	)		(1,053,641	)		(981,234	)		(1,077,949	)
Average number of common shares outstanding used to calculate basic earnings per common share		14,165,775			14,631,122			14,247,188			14,944,097

Effect of equity-based awards		31,941			1,220			53,962			567
Average number of common shares outstanding used to calculate diluted earnings per common share		14,197,716			14,632,342			14,301,150			14,944,664

Earnings per common share:
Basic	$	0.25		$	0.25		$	0.80		$	0.60
Diluted	$	0.24		$	0.25		$	0.80		$	0.60

Stock options for 1,314,963 and 1,311,328 shares of common stock were not considered in computing diluted earnings per common share for the three and nine months ended March 31, 2022, respectively, because they were antidilutive. Stock options for 1,323,334 and 1,338,000 shares of common stock were not considered in computing diluted earnings per common share for the three and nine months ended March 31, 2021, respectively, because they were antidilutive.