Earnings Per Share

9 Months Ended

Mar. 31, 2023

9. EARNINGS PER SHARE

Basic earnings per share (EPS) of common stock are based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock include the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options, shares associated with the Long-Term Incentive Compensation Plan, and non-vested restricted stock units and restricted shares. The Company calculates the dilutive effect of outstanding options, restricted stock units, and restricted shares using the treasury stock method. Anti-dilutive options are not included in the computation of diluted EPS when their exercise price is greater than the average closing market price of the common shares.



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(in thousands)	2023		2022		2023		2022
Basic shares		5,179		6,330		5,249		6,615
Potential common shares:
Stock options		75		87		60		126
Non-vested restricted stock units and restricted shares		98		77		118		101
		173		164		178		227
Diluted shares		5,352		6,494		5,427		6,842

Anti-dilutive shares		154		76		161		48

Cash dividends declared per common share were $0.15 and $0.45 for the three and nine months ended March 31, 2023, respectively, and were $0.15 and $0.45 for the three and nine months ended March 31, 2022, respectively.