Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.1
Earnings Per Share
9 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
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 March 31, 2019     For the nine months ended March 31, 2019  
    Net Income     Shares     Per Share     Net Income     Shares     Per Share  
Basic income per share:                                    
Net income available to common shareholders   $ 1,267,560       11,656,098     $ 0.11     $ 5,085,778       11,580,066     $ 0.44  
Effect of dilutive securities                                                
Stock options     -       4,948       -       -       4,948       -  
Share grants     -       30,296       -       -       30,296       -  
Diluted income per share   $ 1,267,560       11,691,342     $ 0.11     $ 5,085,778       11,615,310     $ 0.44  

 

    For the three months ended March 31, 2018     For the nine months ended March 31, 2018  
    Net Income     Shares     Per Share     Net Income     Shares     Per Share  
Basic income per share:                                                
Net income available to common shareholders   $ 2,864,445       11,190,048     $ 0.26     $ 3,129,368       11,118,529     $ 0.28  
Effect of dilutive securities                                                
Stock options     -       78,794       -       -       33,836       -  
Diluted income per share   $ 2,864,445       11,268,842     $ 0.25     $ 3,129,368       11,152,365     $ 0.28  

 

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 Nine Months  
    Ended March 31,     Ended March 31,  
    2019     2018     2019     2018  
                         
Share Grants     -       243,684       -       243,684  
      -       243,684       -       243,684