Stockholders' Equity

12 Months Ended

Jun. 30, 2021

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, 2021:

Stock options outstanding	304,662
Stock options available for issuance	212,988
Number of common shares reserved	517,650

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:

	2021			2020
Numerator:
Net (loss) income	$	(181,543	)	$	1,163,668
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,402,633			2,401,213
Common shares issued to ESOP during the period		300,000			—
Unearned ESOP shares		(300,000	)		(14,166	)
Weighted average common shares issued during the period		—			2,161
Weighted average common shares purchased during the period		—			(1,332	)
Weighted average ESOP shares earned during the period		3,712			5,331
Denominator for basic earnings per common shares –
Weighted average common shares		2,406,345			2,393,207
Diluted EPS:
Common shares outstanding, beginning of period		2,402,633			2,401,213
Common shares issued to ESOP during the period		300,000			—
Unearned ESOP shares		(300,000	)		(14,166	)
Weighted average common shares issued during the period		—			2,161
Weighted average common shares purchased during the period		—			(1,332	)
Weighted average ESOP shares earned during the period		3,712			5,331
Weighted average dilutive effect of stock options		—			3,411
Denominator for diluted earnings per common shares –
Weighted average common shares		2,406,345			2,396,618

Not included in this computation of earnings per share for the year ended June 30, 2021 and 2020 were options to purchase 304,662 and 276,712 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.

Effective March 9, 2021, the Company suspended the payment of regular quarterly dividends. The Company paid regular cash dividends on common stock of $0.50 per share for the fiscal year ended June 30, 2021 and paid regular cash dividends on common stock of $1.00 per share for the fiscal year ended June 30, 2020. Our Board of Directors assesses the Company’s dividend policy periodically.