Note 4 - Earnings Per Common Share

3 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 - EARNINGS PER COMMON SHARE

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data):

	Three Months Ended
	September 30
	2020		2019
BASIC EARNINGS PER SHARE
Net income	$	1,990	$	4,475
Weighted average shares outstanding during the period, net of treasury shares		26,318		26,024
Weighted average vested restricted stock units outstanding		10		24
Weighted average shares outstanding in the Deferred Compensation Plan during the period		192		188
Weighted average shares outstanding		26,520		26,236
Basic income per share	$	0.08	$	0.17
DILUTED EARNINGS PER SHARE
Net income	$	1,990	$	4,475
Weighted average shares outstanding:
Basic		26,520		26,236
Effect of dilutive securities (a):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		448		57
Weighted average shares outstanding		26,968		26,293
Diluted income per share	$	0.07	$	0.17
Anti-dilutive securities (b)		1,302		2,861

(a) Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

(b) Anti-dilutive securities were excluded from the computation of diluted net income per share for the three months ended September 30, 2020 and September 30, 2019 because the exercise price was greater than the average fair market price of the common shares or because the assumed proceeds from the award’s exercise or vesting was greater than the average fair market price of the common shares.