Earnings Per Share

3 Months Ended

Sep. 30, 2022

Earnings Per Share

Earnings Per Share

Note 3 - Earnings Per Share

The following table presents a calculation of basic and diluted earnings per share for the three months ended September 30, 2022 and 2021. Earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding. The difference between common shares issued and basic average common shares outstanding, for purposes of calculating basic earnings per share, is a result of subtracting unallocated ESOP shares and unvested restricted stock shares. There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, the net income of $1.0 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively, were used as the numerators. See Note 11 to these consolidated financial statements for further discussion of stock grants.

The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and diluted earnings per share computation.  

	Three Months Ended
	September 30,
(Dollars in thousands, except share and per share amounts)	2022		2021
Basic and diluted earnings per share:
Net income	$	1,027	$	1,160
Basic average common shares outstanding		13,435,273		14,301,956
Effect of dilutive securities		17,629		—
Dilutive average shares outstanding		13,452,902		14,301,956
Earnings per share:
Basic	$	0.08	$	0.08
Diluted	$	0.08	$	0.08