Stockholders' Equity

12 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Reservation of Shares

The Company has reserved common shares for future issuance as follows as of June 30, 2018:

Stock options outstanding	222,854
Stock options available for issuance	349,095
Number of common shares reserved	571,949

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended June 30:

	2018			2017
Numerator:
Net income	$	3,075,797		$	1,135,736
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,371,321			2,364,684
Unearned ESOP shares		(45,000	)		(61,667	)
Weighted average common shares issued during the period		4,685			4,465
Weighted average common shares purchased during the period		(3,075	)		(879	)
Weighted average ESOP shares earned during the period		5,954			6,267
Denominator for basic earnings per common shares –
Weighted average common shares		2,333,885			2,312,870
Diluted EPS:
Common shares outstanding, beginning of period		2,371,321			2,364,684
Unearned ESOP shares		(45,000	)		(61,667	)
Weighted average common shares issued during the period		4,685			4,465
Weighted average common shares purchased during the period		(3,075	)		(879	)
Weighted average ESOP shares earned during the period		5,954			6,267
Weighted average dilutive effect of stock options		14,422			11,968
Denominator for diluted earnings per common shares –
Weighted average common shares		2,348,307			2,324,838

Not included in this computation of earnings per share for the year ended June 30, 2018 and 2017 were options to purchase 2,500 and 151,800 shares, respectively, of the Company’s common stock. These options were excluded because their inclusion would have been anti-dilutive due to the average strike price exceeding the average market price of those shares.

The Company paid cash dividends on common stock of $1.00 per share for the fiscal year ended June 30, 2018 and 2017. Subsequent to June 30, 2018, the Board of Directors has authorized the payment of a fiscal year 2019 first quarter regular dividend of $0.25, and a special dividend of $1.00, payable October 1, 2018 to shareholders of record on September 24, 2018. Our Board of Directors assesses the Company’s dividend policy periodically. There is no assurance that the Board of Directors will either maintain the amount of the regular cash dividend or declare a special dividend during any future years.