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Note 4 - Earnings Per Common Share
 6 Months Ended
Dec. 31, 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

    

Six Months Ended

  
   

December 31

    

December 31

  
   

2020

    

2019

    

2020

    

2019

  
                                 

BASIC EARNINGS PER SHARE

                                
                                 

Net income

   $ 2,208     $ 1,743     $ 4,198     $ 6,218  
                                 

Weighted average shares outstanding during the period, net of treasury shares

     26,367       26,101       26,343       26,063  

Weighted average vested restricted stock units outstanding

     20       39       15       31  

Weighted average shares outstanding in the Deferred Compensation Plan during the period

     252       140       222       163  

Weighted average shares outstanding

     26,639       26,280       26,580       26,257  
                                 

Basic income per share

   $ 0.08     $ 0.07     $ 0.16     $ 0.24  
                                 
                                 

DILUTED EARNINGS PER SHARE

                                
                                 

Net income

   $ 2,208     $ 1,743     $ 4,198     $ 6,218  
                                 

Weighted average shares outstanding:

                                
                                 

Basic

     26,639       26,280       26,580       26,257  
                                 

Effect of dilutive securities (a):

                                

Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any

     721       254       581       107  

Weighted average shares outstanding

     27,360       26,534       27,161       26,364  
                                 

Diluted income per share

   $ 0.08     $ 0.07     $ 0.15     $ 0.24  
                                 
                                 

Anti-dilutive securities (b)

     1,062       1,904       1,101       2,506  

 

 

(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 and six months ended December 31, 2020 and December 31, 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.