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Note 5 - Earnings Per Common Share
 9 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 5 - EARNINGS PER COMMON SHARE

 

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data):

 

  

Three Months Ended

  

Nine Months Ended

 
  

March 31

  

March 31

 
  

2022

  

2021

  

2022

  

2021

 
                 

BASIC EARNINGS PER SHARE

                
                 

Net income

 $3,618  $1,472  $9,856  $5,670 
                 

Weighted average shares outstanding during the period, net of treasury shares

  26,642   26,467   26,606   26,384 

Weighted average vested restricted stock units outstanding

  31   20   26   16 

Weighted average shares outstanding in the Deferred Compensation Plan during the period

  705   284   588   242 

Weighted average shares outstanding

  27,378   26,771   27,220   26,642 
                 

Basic income per share

 $0.13  $0.05  $0.36  $0.21 
                 
                 

DILUTED EARNINGS PER SHARE

                
                 

Net income

 $3,618  $1,472  $9,856  $5,670 
                 

Weighted average shares outstanding:

                
                 

Basic

  27,378   26,771   27,220   26,642 
                 

Effect of dilutive securities (a):

                

Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any

  705   956   725   710 

Weighted average shares outstanding

  28,083   27,727   27,945   27,352 
                 

Diluted income per share

 $0.13  $0.05  $0.35  $0.21 
                 

Anti-dilutive securities (b)

  1,427   654   1,043   1,017 

 

 

(a)

Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

 

 

(b)

Anti-dilutive securities were excluded from the computation of diluted net income per share for the three and nine months ended March 31, 2022 and March 31, 2021 because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares.