Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [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, 2023:

Stock options outstanding	296,331
Stock options available for issuance	154,169
Number of common shares reserved	450,500

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:

	2023			2022
Numerator:
Net income	$	3,677,131		$	1,265,127
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,702,633			2,702,633
Common shares issued to ESOP during the period		—			—
Unearned ESOP shares		(256,293	)		(279,429	)
Weighted average common shares issued during the period		—			—
Weighted average common shares purchased during the period		—			—
Weighted average ESOP shares earned during the period		8,516			8,700
Denominator for basic earnings per common shares – Weighted average common shares		2,454,856			2,431,904
Diluted EPS:
Common shares outstanding, beginning of period		2,702,633			2,702,633
Common shares issued to ESOP during the period		—			—
Unearned ESOP shares		(256,293	)		(279,429	)
Weighted average common shares issued during the period		—			—
Weighted average common shares purchased during the period		—			—
Weighted average ESOP shares earned during the period		8,516			8,700
Weighted average dilutive effect of stock options		16,160			—
Denominator for diluted earnings per common shares – Weighted average common shares		2,471,016			2,431,904

Not included in this computation of earnings per share for the year ended June 30, 2023 and 2022 were options to purchase 130,656 and 246,273 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 13, 2023, the Company reinstated payment of a quarterly dividend. The Company paid regular cash dividends on common stock of $0.20 per share for the fiscal year ended June 30, 2023 and paid no cash dividends for the fiscal year ended June 30, 2022. 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.