Stockholders' Equity

12 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Reservation of Shares

The Company has reserved common shares for future issuance as follows as of June 30, 2016:

Stock options outstanding	170,450
Stock options available for issuance	193,600
Number of common shares reserved	364,050

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended June 30:

	2016			2015
Numerator:
Net Income	$	3,175,801		$	3,183,127
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,362,687			2,368,110
Unearned ESOP shares		(79,167	)		(97,500	)
Weighted average common shares issued during the period		5,975			3,364

Weighted average common shares purchased during the period	(10,395	)	(9,442	)
Weighted average ESOP shares earned during the period	6,586		6,894
Denominator for basic earnings per common shares –
Weighted average common shares	2,285,686		2,271,426
Diluted EPS:
Common shares outstanding, beginning of period	2,362,687		2,368,110
Unearned ESOP shares	(79,167	)	(97,500	)
Weighted average common shares issued during the period	5,975		3,364
Weighted average common shares purchased during the period	(10,395	)	(9,442	)
Weighted average ESOP shares earned during the period	6,586		6,894
Weighted average dilutive effect of stock options	16,348		19,116
Denominator for diluted earnings per common shares –
Weighted average common shares	2,302,034		2,290,542

Not included in this computation of earnings per share for the year ended June 30, 2016 and 2015 were options to purchase 113,250 and 25,250 shares, respectively, of the Company’s common stock. These options were excluded because their inclusion would have been anti-dilutive due to the average strike price exceeding the average market price of those shares.

The Company paid cash dividends on common stock of $1.00 per share for the fiscal year ended June 30, 2016 and 2015 (of which $0.25 per share was accrued at June 30, 2015). Subsequent to June 30, 2016, the Board of Directors has authorized the payment of a fiscal 2017 first quarter dividend of $0.25 payable September 29, 2016 to shareholders of record on September 22, 2016. Our Board of Directors assesses the Company’s dividend policy periodically. There is no assurance that the Board of Directors will either maintain the amount of the regular cash dividend or declare a special dividend during any future years.