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Earnings Per Share
3 Months Ended
Sep. 30, 2021
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

 

September 30, 

(dollars in thousands except per share data)

    

2021

    

2020

Net income

$

12,746

$

9,986

Less: distributed earnings allocated to participating securities

 

(6)

 

(4)

Less: undistributed earnings allocated to participating securities

 

(39)

 

(26)

Net income available to common shareholders

12,701

9,956

Weighted-average common shares outstanding, including participating securities

 

8,898,994

 

9,126,866

Less: weighted-average participating securities outstanding (restricted shares)

 

(31,845)

 

(27,260)

Denominator for basic earnings per share -

Weighted-average shares outstanding

 

8,867,149

 

9,099,606

Effect of dilutive securities stock options or awards

 

10,173

 

2,191

Denominator for diluted earnings per share

8,877,322

9,101,797

Basic earnings per share available to common stockholders

$

1.43

$

1.09

Diluted earnings per share available to common stockholders

$

1.43

$

1.09

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 0 and 50,500 were excluded from the computation of diluted earnings per share for the three-month periods ended September 30, 2021 and 2020, respectively.