Note 4 - Earnings Per Common Share

12 Months Ended

Jun. 30, 2021

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)
	2021		2020
BASIC EARNINGS PER SHARE
Net income	$	5,868	$	9,592
Weighted average shares outstanding during the period, net of treasury shares		26,411		26,105
Weighted average vested restricted stock units outstanding		17		7
Weighted average shares outstanding in the Deferred Compensation Plan during the period		264		162
Weighted average shares outstanding		26,692		26,274
Basic income per share	$	0.22	$	0.37
DILUTED EARNINGS PER SHARE
Net income	$	5,868	$	9,592
Weighted average shares outstanding
Basic		26,692		26,274
Effect of dilutive securities (a):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		748		199
Weighted average shares outstanding		27,440		26,473
Diluted income per share	$	0.21	$	0.36
Anti-dilutive securities (b)		976		1,957

(a) Calculative 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 in the computation of diluted earnings per share for the year ended June 30, 2021 and June 30, 2020 because the exercise price was greater than the 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.