Earnings Per Share

9 Months Ended

Mar. 31, 2024

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)	2024		2023		2024		2023
Net income	$	11,307	$	2,409	$	36,652	$	23,676
Less: distributed earnings allocated to participating securities		(12)		(10)		(37)		(31)
Less: undistributed earnings allocated to participating securities		(46)		(8)		(151)		(89)
Net income available to common shareholders	$	11,249	$	2,391	$	36,464	$	23,556
Denominator for basic earnings per share -
Weighted-average shares outstanding		11,301,577		10,843,689		11,298,174		9,739,673
Effect of dilutive securities stock options or awards		10,971		14,652		9,260		20,459
Denominator for diluted earnings per share		11,312,548		10,858,341		11,307,434		9,760,132
Basic earnings per share available to common stockholders	$	1.00	$	0.22	$	3.23	$	2.42
Diluted earnings per share available to common stockholders	$	0.99	$	0.22	$	3.22	$	2.41

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 75,000 and 79,830 were excluded from the computation of diluted earnings per share for the three- and nine- month periods ended March 31, 2024, respectively, while outstanding options and shares of restricted stock totaling 84,740 and 66,440 were excluded from the computation of diluted earnings per share for the three- and nine- month periods ended March 31, 2023, respectively.