Note 4 - Earnings Per Share

6 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4 – Earnings Per Share

Basic earnings per common share is computed based on the weighted average number of shares outstanding reduced by unearned Employee Stock Ownership Plan (“ESOP”) shares. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common stock equivalents that would arise from the exercise of dilutive securities, reduced by unearned ESOP shares.  During the three and six months ended March 31, 2023 , the Company granted 4,200 and 6,958 restricted shares, respectively. The Company also granted 3,979 unrestricted shares during the three and six months ended March 31, 2023. During the three and six months ended March 31, 2023 the Company granted 6,000 stock options. During the three and six months ended March 31, 2023 the Company granted 5,131 restricted shares and 2,336 shares were forfeited for the six months ended March 31, 2023. There were no unrestricted shares or stock options granted during the three and six months ended March 31, 2022. There were 1,120 and 1,216 restricted shares forfeited during the three and six months ended March 31, 2022, respectively. During the three and six months ended March 31, 2023, there were 4,560 and 5,394 shares considered anti-dilutive and excluded from diluted weighted average shares outstanding while during the same period in 2022, there were 4,356 and 5,306 anti-dilutive shares.

The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations:

	Three Months Ended March 31,						Six Months Ended March 31,
	2023			2022			2023			2022
	(In thousands, except share and per share data)
Net Income	$	571		$	522		$	2,479		$	2,539
Weighted average shares outstanding		7,641,690			7,621,100			7,637,913			7,621,227
Average unearned ESOP shares		(51,745	)		(66,145	)		(53,565	)		(67,965	)
Basic weighted average shares outstanding		7,589,945			7,554,955			7,584,348			7,553,262
Plus: effect of potential dilutive common stock equivalents - stock options		4,279			1,239			2,779			1,197
Diluted weighted average common shares outstanding		7,594,224			7,556,194			7,587,127			7,554,459
Earnings per common share:
Basic	$	0.08		$	0.07		$	0.33		$	0.34
Diluted	$	0.08		$	0.07		$	0.33		$	0.34