Earnings Per Share (“EPS”)

9 Months Ended

Mar. 31, 2020

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 for the three and nine months ended March 31, 2020 and 2019.

	Three Months Ended March 31,						Nine Months Ended March 31,
	2020			2019			2020			2019
	(amounts in thousands, except share and per share data)
Net income applicable to common stock	$	1,217		$	1,986		$	6,399		$	6,639

Average number of common shares outstanding		16,587,563			17,451,763			16,927,496			17,917,077
Less: Average unallocated ESOP shares		(1,150,390	)		(1,247,370	)		(1,174,787	)		(1,271,790	)
Average number of common shares outstanding used to calculate basic earnings per common share		15,437,173			16,204,393			15,752,709			16,645,287

Effect of equity-based awards		10,044			57,362			61,613			14,459
Average number of common shares outstanding used to calculate diluted earnings per common share		15,447,217			16,261,755			15,814,322			16,659,746

Earnings per common share:
Basic	$	0.08		$	0.12		$	0.41		$	0.40
Diluted	$	0.08		$	0.12		$	0.40		$	0.40

Stock options for 1,339,293 shares of common stock were not considered in computing diluted earnings per common share for both the three and nine months ended March 31, 2020 and 2019 because they were antidilutive.