Earnings Per Share

6 Months Ended

Dec. 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				Six months ended
	December 31,				December 31,
(dollars in thousands except per share data)	2023		2022		2023		2022
Net income	$	12,193	$	11,664	$	25,345	$	21,267
Less: distributed earnings allocated to participating securities		(10)		(9)		(21)		(17)
Less: undistributed earnings allocated to participating securities		(43)		(43)		(90)		(78)
Net income available to common shareholders	$	12,140	$	11,612	$	25,234	$	21,172
Denominator for basic earnings per share -
Weighted-average shares outstanding		11,286,786		9,187,881		11,286,399		9,187,790
Effect of dilutive securities stock options or awards		14,695		22,369		11,803		22,512
Denominator for diluted earnings per share		11,301,481		9,210,250		11,298,202		9,210,302
Basic earnings per share available to common stockholders	$	1.08	$	1.26	$	2.24	$	2.30
Diluted earnings per share available to common stockholders	$	1.07	$	1.26	$	2.23	$	2.30

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 55,000 were excluded from the computation of diluted earnings per share for each of the three- and six- month periods ended December 31, 2023, while 22,000 were excluded from the computation of diluted earnings per share for each of the three- and six- month periods ended December 31, 2022.