Earnings Per Share

6 Months Ended

Dec. 31, 2023

8. 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 plans, and non-vested restricted stock units. The Company calculates the dilutive effect of outstanding options and restricted stock units 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				Six Months Ended
	December 31,				December 31,
(in thousands)	2023		2022		2023		2022
Basic shares		5,184		5,259		5,183		5,285
Potential common shares:
Stock options		66		45		74		52
Non-vested restricted stock units and restricted shares		74		35		103		99
Diluted shares		5,324		5,339		5,360		5,436

Anti-dilutive shares		136		161		136		161

Cash dividends declared per common share were $0.15 and $0.30 for the three and six months ended December 31, 2023, respectively, and were $0.15 and $0.30 for the three and six months ended December 31, 2022, respectively.