Earnings Per Share

12 Months Ended

Jun. 30, 2021

Earnings Per Share

Earnings Per Share

NOTE 13: Earnings Per Share

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

	Year Ended June 30,
(dollars in thousands except per share data)	2021		2020		2019
Net income	$	47,180	$	27,545	$	28,904
Less: distributed earnings allocated to participating securities		(18)		—		—
Less: undistributed earnings allocated to participating securities		(135)		—		—
Net income available to common shareholders	$	47,027	$	27,545	$	28,904
Denominator for basic earnings per share -
Weighted-average shares outstanding		9,007,814		9,189,876		9,193,235
Effect of dilutive securities stock options or awards		2,923		9,293		10,674
Denominator for diluted earnings per share		9,010,737		9,199,169		9,203,909
Basic earnings per share available to common stockholders	$	5.22	$	3.00	$	3.14
Diluted earnings per share available to common stockholders	$	5.22	$	2.99	$	3.14

Certain option and restricted stock awards were excluded from the computation of diluted earnings per share because they were anti-dilutive, based on the average market prices of the Company’s common stock for these periods. Outstanding options and shares of restricted stock totaling 99,825, 50,500, and 31,000 were excluded from the computation of diluted earnings per share for the fiscal years ended June 30, 2021, 2020, and 2019, respectively.