EARNINGS PER SHARE (“EPS”) (Tables)

6 Months Ended

Dec. 31, 2022

The factors used in the earnings per common share computation follow:

Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. The factors used in the earnings per common share computation follow:


	Three Months Ended						Six Months Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Earnings per share
Net income	$	1,096		$	1,236		$	2,435		$	2,007
Less: distributed earnings allocated to participating securities		(1	)		(2	)		(2	)		(3	)
Less: (undistributed income) dividends in excess of earnings allocated to participating securities		(1	)		(1	)		(2	)		(2	)
Net earnings available to common shareholders	$	1,094		$	1,233		$	2,431		$	2,002

Weighted average common shares outstanding including participating securities		5,609,268			5,589,974			5,608,800			5,591,279
Less: participating securities		(9,700	)		(14,300	)		(9,700	)		(14,300	)
Less: average unearned ESOP shares		(1,339	)		(8,553	)		(2,677	)		(11,154	)
Weighted average common shares outstanding		5,598,229			5,567,121			5,596,423			5,565,825

Basic earnings per share	$	0.20		$	0.22		$	0.43		$	0.36

Weighted average common shares outstanding		5,598,229			5,567,121			5,596,423			5,565,825
Add: dilutive effects of assumed exercises of stock options		4,460			47,539			64,544			46,274
Average shares and dilutive potential common shares		5,602,689			5,614,660			5,660,967			5,612,099

Diluted earnings per share	$	0.20		$	0.22		$	0.43		$	0.36

Oconee Federal Financial Corp. 10-Q