Note 14 - Earnings Per Share

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 14. EARNINGS PER SHARE

The following table sets forth the computation for basic and diluted earnings per share (EPS):

	Year Ended June 30,
	2022		2021
(dollars in thousands, except per share data)
	As Restated
Net Income	$	3,819	$	31,961
Weighted average number of outstanding shares
Basic		15,010,138		15,067,044
Effect of dilutive securities:
Stock options		990		909
Diluted		15,011,128		15,067,953
Earnings Per Share
Basic Net Income per Share	$	0.25	$	2.12
Diluted Net Income per Share	$	0.25	$	2.12

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the years ended June 30, 2022, and 2021, 231,000 employee stock options were excluded from diluted EPS.

During fiscal years 2022 and 2021, the Company repurchased class A shares on the open market. Repurchased shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.