Note 7: Earnings Per Share

3 Months Ended

Sep. 30, 2020

Notes

Note 7: Earnings Per Share

Note 7:  Earnings Per Share

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

	Three months ended
	September 30,
	2020	2019
(dollars in thousands except per share data)
Net income	$                 9,986	$                 7,828
Less: distributed earnings allocated to participating securities	(4)	-
Less: undistributed earnings allocated to participating securities	(26)	-
Net income available to common shareholders	9,956	7,828
Weighted-average common shares outstanding, including participating securities	9,126,866	9,232,257
Less: weighted-average participating securities outstanding (restricted shares)	(27,260)	-
Weighted-average basic common shares outstanding	9,099,606	9,232,257
Add: effect of dilutive securities, stock options, and awards	2,191	11,891
Denominator for diluted earnings per share	$          9,101,797	$          9,244,148
Basic earnings per share available to common stockholders	$                   1.09	$                   0.85
Diluted earnings per share available to common stockholders	$                   1.09	$                   0.85

Options outstanding at September 30, 2020 and 2019, to purchase 50,500, and 15,500 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three month periods because the exercise prices of such options were greater than the average market prices of the common stock for the three months ended September 30, 2020 and 2019, respectively.