Earnings Per Share

6 Months Ended

Dec. 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 six months ended December 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 $11 thousand and $190 thousand for the three and six months ended December 31, 2023, respectively, and $1.1 million and $2.1 million for the three and six months ended December 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				Six Months Ended
	December 31,				December 31,
(Dollars in thousands, except share and per share amounts)	2023		2022		2023		2022
Basic and diluted earnings per share:
Net income	$	11	$	1,061	$	190	$	2,088
Basic average common shares outstanding		8,845,633		12,985,244		9,723,078		13,210,259
Effect of dilutive securities		64,680		44,892		43,066		31,303
Dilutive average shares outstanding		8,910,313		13,030,136		9,766,144		13,241,562
Earnings per share:
Basic	$	—	$	0.08	$	0.02	$	0.16
Diluted	$	—	$	0.08	$	0.02	$	0.16

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 six months ended December 31, 2023 and 2022.