Earnings Per Share

9 Months Ended

Mar. 31, 2023

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				Nine months ended
	March 31,				March 31,
(dollars in thousands except per share data)	2023		2022		2023		2022
Net income	$	2,409	$	9,351	$	23,676	$	34,082
Less: distributed earnings allocated to participating securities		(10)		(8)		(31)		(22)
Less: undistributed earnings allocated to participating securities		(8)		(33)		(89)		(118)
Net income available to common shareholders	$	2,391	$	9,310	$	23,556	$	33,942
Weighted-average common shares outstanding, including participating securities		10,893,199		9,060,272		9,783,773		8,948,856
Less: weighted-average participating securities outstanding (restricted shares)		(49,510)		(39,230)		(44,100)		(36,998)
Denominator for basic earnings per share -
Weighted-average shares outstanding		10,843,689		9,021,042		9,739,673		8,911,858
Effect of dilutive securities stock options or awards		14,652		23,004		20,459		18,488
Denominator for diluted earnings per share		10,858,341		9,044,046		9,760,132		8,930,346
Basic earnings per share available to common stockholders	$	0.22	$	1.03	$	2.42	$	3.81
Diluted earnings per share available to common stockholders	$	0.22	$	1.03	$	2.41	$	3.80

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 84,740 and 66,440 were excluded from the computation of diluted earnings per share for each of the three- and nine- month periods ended March 31, 2023, while outstanding options and shares of restricted stock totaling 14,500 and 22,750 were excluded from the computation of diluted earnings per share for each of the three- and nine- month periods ended March 31, 2022.