Earnings Per Share

9 Months Ended

Mar. 31, 2023

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 and nine months ended March 31, 2023 and 2022. 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 $183 thousand and $2.3 million for the three and nine months ended March 31, 2023, respectively, and $824 thousand and $3.2 million for the three and nine months ended March 31, 2022, 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				Nine Months Ended
	March 31,				March 31,
(Dollars in thousands, except share and per share amounts)	2023		2022		2023		2022
Basic and diluted earnings per share:
Net income	$	183	$	824	$	2,271	$	3,159
Basic average common shares outstanding		12,643,435		14,318,839		13,024,076		14,310,484
Effect of dilutive securities		74,732		—		45,782		—
Dilutive average shares outstanding		12,718,167		14,318,839		13,069,858		14,310,484
Earnings per share:
Basic	$	0.01	$	0.06	$	0.17	$	0.22
Diluted	$	0.01	$	0.06	$	0.17	$	0.22

Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented. There were 1,197,640 stock options that were anti-dilutive for both the three and nine months ended March 31, 2023.