Stockholders' Equity

12 Months Ended

Jun. 30, 2020

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, 2020:

Stock options outstanding	276,712
Stock options available for issuance	253,348
Number of common shares reserved	530,060

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:

	2020			2019
Numerator:
Net income	$	1,163,668		$	2,342,694
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,401,213			2,387,124
Unearned ESOP shares		(14,166	)		(29,166	)
Weighted average common shares issued during the period		2,161			9,708
Weighted average common shares purchased during the period		(1,332	)		(362	)
Weighted average ESOP shares earned during the period		5,331			5,641
Denominator for basic earnings per common shares –
Weighted average common shares		2,393,207			2,372,945
Diluted EPS:
Common shares outstanding, beginning of period		2,401,213			2,387,124
Unearned ESOP shares		(14,166	)		(29,166	)
Weighted average common shares issued during the period		2,161			9,708
Weighted average common shares purchased during the period		(1,332	)		(362	)
Weighted average ESOP shares earned during the period		5,331			5,641
Weighted average dilutive effect of stock options		3,411			16,283
Denominator for diluted earnings per common shares –
Weighted average common shares		2,396,618			2,389,228

Not included in this computation of earnings per share for the year ended June 30, 2020 and 2019 were options to purchase 276,712 and 196,039 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 for the fiscal year ended June 30, 2020 and paid regular cash dividends on common stock of $1.00 per share and a special cash dividend of $1.00 per share for the fiscal year ended June 30, 2019. The Board of Directors has authorized the payment of a fiscal year 2021 first quarter regular dividend of $0.25 payable October 14, 2020 to shareholders of record on October 5, 2020. Our Board of Directors assesses the Company’s dividend policy periodically. There is no assurance that the Board of Directors will maintain the amount of the regular cash dividend or declare a special dividend during any future years.