Earnings Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share

Earnings Per Share

Note 7:  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended				Six months ended
	December 31,				December 31,
(dollars in thousands except per share data)	2022		2021		2022		2021
Net income	$	11,664	$	11,985	$	21,267	$	24,731
Less: distributed earnings allocated to participating securities		(9)		(8)		(17)		(14)
Less: undistributed earnings allocated to participating securities		(43)		(46)		(78)		(85)
Net income available to common shareholders	$	11,612	$	11,931	$	21,172	$	24,632
Weighted-average common shares outstanding, including participating securities		9,229,151		8,887,303		9,229,060		8,893,149
Less: weighted-average participating securities outstanding (restricted shares)		(41,270)		(39,920)		(41,270)		(35,883)
Denominator for basic earnings per share -
Weighted-average shares outstanding		9,187,881		8,847,383		9,187,790		8,857,266
Effect of dilutive securities stock options or awards		22,369		21,780		22,512		15,977
Denominator for diluted earnings per share		9,210,250		8,869,163		9,210,302		8,873,243
Basic earnings per share available to common stockholders	$	1.26	$	1.35	$	2.30	$	2.78
Diluted earnings per share available to common stockholders	$	1.26	$	1.35	$	2.30	$	2.78

Certain option and restricted stock awards were excluded from the computation of diluted earnings per share because they were anti-dilutive, based on the average market prices of the Company’s common stock for these periods. Outstanding options and shares of restricted stock totaling 22,000 were excluded from the computation of diluted earnings per share for each of the three- and six- month periods ended December 31, 2022, while there were no outstanding options and shares of restricted stock that were excluded from the computation of diluted earnings per share for each of the three- and six- month periods ended December 31, 2021.