EARNINGS PER SHARE CALCULATION

3 Months Ended

Sep. 30, 2024

Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share, applicable only to years ended with reported income is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The calculation of basic and diluted earnings per share is presented below:


	Three months ended September 30,
($ in thousands, except per share data)	2024		2023

Numerator for basic and diluted loss per share
Net income	$	3,572	2,007
Preferred dividends	(289)		(289)
Net income applicable to common shareholders	$	3,283	$	1,718

Denominator for basic earnings per share - Weighted average shares outstanding	73,068,856		72,717,965
Effect of dilutive potential common shares	852,330		1,587,547
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding	73,921,186		74,305,512

Basic earnings per share	$	0.04	$	0.02
Diluted earnings per share	$	0.04	$	0.02

Potentially anti-dilutive shares excluded from the calculation of diluted earnings per share were approximately 0.1 million and 1 million for the three months ended September 30, 2024 and 2023, respectively.