Note 7: Earnings Per Share

9 Months Ended

Mar. 31, 2017

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended		Nine months ended
	March 31,		March 31,
	2017	2016	2017	2016

(dollars in thousands except per share data)
Net income	$3,954	$3,322	$11,839	$11,166
Dividend on preferred stock	-	-	-	85
Net income available to common shareholders	$3,954	$3,322	$11,839	$11,081

Average Common shares – outstanding basic	7,450,041	7,435,358	7,442,525	7,427,688
Stock options under treasury stock method	28,626	28,221	25,976	26,631
Average Common shares – outstanding diluted	7,478,667	7,463,579	7,468,501	7,454,319

Basic earnings per common share	$0.53	$0.45	$1.59	$1.49
Diluted earnings per common share	$0.53	$0.45	$1.59	$1.49

At March 31, 2017 and 2016, no options outstanding had an exercise price exceeding the market price.