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Earnings Per Share ("EPS")
 12 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")
Note 16: Earnings Per Share (“EPS”)

Basic and diluted earnings per common share are presented for the years ended June 30, 2014 and 2013. The factors used in the earnings per common share computation follow:

 

     Year Ended     Year Ended  
     June 30, 2014     June 30, 2013  

Net income

    $ 3,477      $ 3,710   
  

 

 

    

 

 

  

Basic Weighted average shares outstanding

      4,474,147        4,677,069   

Less: Average unallocated ESOP shares

      (336,788 )      (356,033 ) 
  

 

 

    

 

 

  

Average shares outstanding

      4,137,359        4,321,036   
  

 

 

    

 

 

  

Diluted effect of restricted stock awards and stock options

      —          —     
  

 

 

    

 

 

  

Diluted average shares outstanding

      4,137,359        4,321,036   
  

 

 

    

 

 

  

Basic earnings per common share

    $ .84      $ .86   
  

 

 

    

 

 

  

Diluted earnings per common share

    $ .84      $ .86   
  

 

 

    

 

 

  

During the year ended June 30, 2014, the Company announced two stock repurchase plans. Under the first repurchase program, which was announced on September 11, 2013, the Company could repurchase up to 228,535 shares of its common stock, or approximately 5% of the then current outstanding shares. This stock repurchase plan was completed on January 27, 2014, and the average price per share was $16.61. Under the second repurchase program, which was announced on May 14, 2014, the Company could repurchase up to 221,383 shares of its common stock, or approximately 5% of the then current outstanding shares. As of June 30, 2014, 50,000 shares were repurchased at an average price of $16.50.

On December 10, 2013, the Company awarded 85,500 shares of restricted stock and 167,000 in stock options to officers and directors of the Association as part of the IF Bancorp, Inc. 2012 Equity Incentive Plan. The restricted stock will vest over 10 years and the stock options will vest over 7 years, both starting in December 2014. The 167,000 in stock options and 84,787 shares of non-vested restricted stock were not included in the computation of diluted earnings per share as the stock awards were considered antidilutive for the year ended June 30, 2014.