Earnings Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share

Earnings Per Share

Note 2- Earnings Per Share

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released.  Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the treasury stock method. There were no dilutive effects for the three and six months ended December 31, 2022 or 2021. Set forth below is the calculation of earnings per share.

	For the Three Months					For the Six Months
	Ended December 31,					Ended December 31,
	2022		2021		2022		2021
Net income applicable to common stock	$	301,400	$	284,865	$	812,553	$	701,956
Average number of shares outstanding		2,229,423		2,229,497		2,229,460		2,229,497
Less: Average unallocated ESOP shares		80,842		84,586		81,279		85,276
Average number of common shares outstanding used to calculate basic earnings per share		2,148,581		2,144,911		2,148,181		2,144,221
Effect of dilutive restricted stock awards		4,329		—		3,660		—
Average number of common shares outstanding used to calculate diluted earnings per share		2,152,910		2,144,911		2,151,841		2,144,221
Earnings per common share:
Basic	$	0.14	$	0.13	$	0.38	$	0.33
Diluted		0.14		0.13		0.38		0.33