EARNINGS PER SHARE

6 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 2       EARNINGS PER SHARE

The earnings per share was computed on the weighted average of outstanding common shares during the period. Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding.

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Net Income	$	44,891	$	225,417	$	44,332	$	311,848
Preferred Dividend Requirements:
6% Prior Cumulative Preferred, $5 Par Value		15,000		15,000		30,000		30,000
5% Convertible Cumulative Preferred, $20 Par Value		17,018		17,018		34,036		34,036
Total Dividend Requirements		32,018		32,018		64,036		64,036
Net Income (Loss) attributable to Common Stockholders	$	12,873	$	193,399	$	(19,704)	$	247,812
Weighted Average Shares - Basic		969,834		969,834		969,834		969,834
Effect of Contingently Issuable Shares, if Dilutive		1,033,334		1,033,334		1,033,334		1,033,334
Weighted Average Shares - Diluted		2,003,168		2,003,168		2,003,168		2,003,168
Basic Earnings (Loss) per Share	$	0.01	$	0.20	$	(0.02)	$	0.26
Diluted Earnings (Loss) per Share	$	0.01	$	0.11	$	(0.02)	$	0.16

The Company excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive.  All of the preferred stock, which is convertible into 1,033,334 shares of common stock, was excluded at December 31, 2023 as its conversion would have an anti-dilutive effect.  Cumulative Preferred Stock dividends in arrears at December 31, 2023 and 2022 totaled $8,909,346 and $8,781,274, respectively. Total dividends in arrears, on a per share basis, consist of the following:

	Six Months Ended
	December 31,
	2023		2022
6% Convertible:
Series A	$	20	$	19
Series B	$	19	$	19
5% Convertible:
Series A	$	74	$	73
Series B	$	74	$	73

NOTE 2       EARNINGS PER SHARE (cont.)

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 per share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. It may be exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21 per share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20 per share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of 5% convertible preferred stock.