Earnings Per Share

12 Months Ended

Jun. 30, 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 years ended June 30, 2023 and 2022. Earnings per share is computed by dividing net income available to common shareholders 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 $2.8 million and $4.2 million for the years ended June 30, 2023 and 2022, respectively, was used as the numerator. See Note 12 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.

	Year Ended
	June 30,
(Dollars in thousands, except share and per share amounts)	2023		2022
Basic and diluted earnings per share:
Net income	$	2,802	$	4,237
Basic average common shares outstanding		12,661,882		14,255,901
Effect of dilutive securities		30,732		3,468
Dilutive average shares outstanding		12,692,614		14,259,369
Earnings per share:
Basic	$	0.22	$	0.30
Diluted	$	0.22	$	0.30

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 and 1,232,400 stock options that were anti-dilutive for the years ended June 30, 2023 and 2022, respectively, and were not included in the table above.