| Earnings Per Share |
NOTE 4 – EARNINGS PER SHARE
Basic earnings per share are computed based
on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed
based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding
during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock
awards.
The components of basic and diluted earnings per share were as follows:
| |
|
For the three months ended December 31, 2018 |
|
|
For the six months ended December 31, 2018 |
|
| |
|
Net Income |
|
|
Shares |
|
|
Per Share |
|
|
Net Income |
|
|
Shares |
|
|
Per Share |
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
2,855,629 |
|
|
|
11,586,507 |
|
|
$ |
0.25 |
|
|
$ |
3,818,218 |
|
|
|
11,542,877 |
|
|
$ |
0.33 |
|
| Effect of dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock options |
|
|
- |
|
|
|
5,686 |
|
|
|
- |
|
|
|
- |
|
|
|
5,686 |
|
|
|
- |
|
| Diluted income per share |
|
$ |
2,855,629 |
|
|
|
11,592,193 |
|
|
$ |
0.25 |
|
|
$ |
3,818,218 |
|
|
|
11,548,563 |
|
|
$ |
0.33 |
|
| |
|
For the three months ended December 31, 2017 |
|
|
For the six months ended December 31, 2017 |
|
| |
|
Net Income |
|
|
Shares |
|
|
Per Share |
|
|
Net Income |
|
|
Shares |
|
|
Per Share |
|
| Basic income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
634,421 |
|
|
|
11,159,075 |
|
|
$ |
0.06 |
|
|
$ |
264,923 |
|
|
|
11,115,346 |
|
|
$ |
0.02 |
|
| Effect of dilutive securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock options |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,468 |
|
|
|
- |
|
| Diluted income per share |
|
$ |
634,421 |
|
|
|
11,159,075 |
|
|
$ |
0.06 |
|
|
$ |
264,923 |
|
|
|
11,127,814 |
|
|
$ |
0.02 |
|
The following potential dilutive shares were
excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive.
| |
|
For the Three Months |
|
|
For the Six Months |
|
| |
|
Ended December 31, |
|
|
Ended December 31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Share Grants |
|
|
126,083 |
|
|
|
285,956 |
|
|
|
126,083 |
|
|
|
285,956 |
|
| |
|
|
126,083 |
|
|
|
285,956 |
|
|
|
126,083 |
|
|
|
285,956 |
|
|