Stockholders' Equity

12 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

Note 16. Stockholders' Equity

Reservation of Shares

The Company has reserved common shares for future issuance as follows as of June 30, 2019:

Stock options outstanding	259,164
Stock options available for issuance	291,976
Number of common shares reserved	551,140

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:

	2019			2018
Numerator:
Net income	$	2,342,694		$	3,075,797
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,387,124			2,371,321
Unearned ESOP shares		(29,166	)		(45,000	)
Weighted average common shares issued during the period		9,708			4,685
Weighted average common shares purchased during the period		(362	)		(3,075	)
Weighted average ESOP shares earned during the period		5,641			5,954
Denominator for basic earnings per common shares –
Weighted average common shares		2,372,945			2,333,885
Diluted EPS:
Common shares outstanding, beginning of period		2,387,124			2,371,321
Unearned ESOP shares		(29,166	)		(45,000	)
Weighted average common shares issued during the period		9,708			4,685

Weighted average common shares purchased during the period	(362	)	(3,075	)
Weighted average ESOP shares earned during the period	5,641		5,954
Weighted average dilutive effect of stock options	16,283		14,422
Denominator for diluted earnings per common shares –
Weighted average common shares	2,389,228		2,348,307

Not included in this computation of earnings per share for the year ended June 30, 2019 and 2018 were options to purchase 196,039 and 2,500 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 regular cash dividends on common stock of $1.00 per share and a special cash dividend of $1.00 for the fiscal year ended June 30, 2019 and regular cash dividends on common stock of $1.00 per share in 2018. Subsequent to June 30, 2019, the Board of Directors has authorized the payment of a fiscal year 2020 first quarter regular dividend of $0.25 payable September 27, 2019 to shareholders of record on September 20, 2019. 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.