Net Income Per Share

3 Months Ended

Sep. 30, 2024

Net Income Per Share [Abstract]

Net Income per Share

Note 3. Net Income per Share

Basic net income per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. The computation of diluted net income per share excluded options to purchase 62,691 shares of our common stock for the three months ended September 30, 2024 and 229,731 shares for the three months ended September 30, 2023, as the effect of including them would be anti-dilutive. As unearned shares owned by the Company’s sponsored leveraged employee stock ownership plan (the “ESOP”) are released or committed-to-be-released, the shares become outstanding for earnings-per-share computations.

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 three month periods ended September 30:

	2024			2023
Numerator:
Net income	$	1,598,317		$	1,094,544
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,733,958			2,702,633
Unearned ESOP shares		(211,487	)		(233,646	)
Weighted average common shares issued during the period		3,407			1,045
Weighted average ESOP shares earned during the period		59			60
Denominator for basic earnings per common shares –
Weighted average common shares		2,525,937			2,470,092
Diluted EPS:
Common shares outstanding, beginning of period		2,733,958			2,702,633
Unearned ESOP shares		(211,487	)		(233,646	)
Weighted average common shares issued during the period		3,407			1,045
Weighted average ESOP shares earned during the period		59			60
Weighted average dilutive effect of stock options		74,300			15,697
Denominator for diluted earnings per common shares –
Weighted average common shares		2,600,237			2,485,789