Stockholders' Equity

12 Months Ended

Jun. 30, 2017

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, 2017:

Stock options outstanding	197,800
Stock options available for issuance	156,550
Number of common shares reserved	354,350

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:

	2017			2016
Numerator:
Net income	$	1,135,736		$	3,175,801
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,364,684			2,362,687
Unearned ESOP shares		(61,667	)		(79,167	)
Weighted average common shares issued during the period		4,465			5,975
Weighted average common shares purchased during the period		(879	)		(10,395	)
Weighted average ESOP shares earned during the period		6,267			6,586
Denominator for basic earnings per common shares –
Weighted average common shares		2,312,870			2,285,686

Diluted EPS:
Common shares outstanding, beginning of period	2,364,684		2,362,687
Unearned ESOP shares	(61,667	)	(79,167	)
Weighted average common shares issued during the period	4,465		5,975
Weighted average common shares purchased during the period	(879	)	(10,395	)
Weighted average ESOP shares earned during the period	6,267		6,586
Weighted average dilutive effect of stock options	11,968		16,348
Denominator for diluted earnings per common shares –
Weighted average common shares	2,324,838		2,302,034

Not included in this computation of earnings per share for the year ended June 30, 2017 and 2016 were options to purchase 151,800 and 113,250 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, 2017 and 2016. Subsequent to June 30, 2017, the Board of Directors has authorized the payment of a fiscal year 2018 first quarter dividend of $0.25 payable September 29, 2017 to shareholders of record on September 25, 2017. Our Board of Directors assesses the Company’s dividend policy periodically. There is no assurance that the Board of Directors will maintain the amount of the regular cash dividend during any future years.