Earnings Per Share

6 Months Ended

Dec. 31, 2020

Earnings Per Share

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				Six months ended
	December 31,				December 31,
	2020		2019		2020		2019
(dollars in thousands except per share data)
Net income	$	12,048	$	7,717	$	22,033	$	15,545
Less: distributed earnings allocated to participating securities		(4)		—		(8)		—
Less: undistributed earnings allocated to participating securities		(30)		—		(56)		—
Net income available to common shareholders	$	12,014	$	7,717	$	21,969	$	15,545
Weighted-average common shares outstanding, including participating securities		9,089,735		9,232,257		9,108,301		9,232,257
Less: weighted-average participating securities outstanding (restricted shares)		(25,410)		—		(26,335)		—
Weighted-average basic common shares outstanding		9,064,325		9,232,257		9,081,966		9,232,257
Add: effect of dilutive securities, stock options, and awards		2,909		—		2,220		—
Denominator for diluted earnings per share		9,067,234		9,232,257		9,084,186		9,232,257
Basic earnings per share available to common stockholders	$	1.33	$	0.84	$	2.42	$	1.69
Diluted earnings per share available to common stockholders	$	1.32	$	0.84	$	2.42	$	1.68

Options outstanding at December 31, 2020 and 2019, to purchase 50,500, and 13,500 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three- and six- month periods because the exercise prices of such options were greater than the average market prices of the common stock for the three- and six- months ended December 31, 2020 and 2019, respectively.