Earnings Per Share

6 Months Ended

Dec. 31, 2024

Note 3 - Earnings Per Share

The following table presents a calculation of basic and diluted earnings per share for the three and six months ended December 31, 2024 and 2023. Earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding. The difference between common shares issued and basic average common shares outstanding, for purposes of calculating basic earnings per share, is a result of subtracting unallocated ESOP shares and unvested restricted stock shares. There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, the net loss of $988 thousand and $1.0 million for the three and six months ended December 31, 2024, respectively, and the net income of $11 thousand and $190 thousand for the three and six months ended December 31, 2023, respectively, were used as the numerators. See Note 11 to these consolidated financial statements for further discussion of stock grants.

The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and diluted earnings per share computation.


	Three Months Ended				Six Months Ended
	December 31,				December 31,
(Dollars in thousands, except share and per share amounts)	2024		2023		2024		2023
Basic and diluted (loss) earnings per share:
Net (loss) income	$	(988)	$	11	$	(1,009)	$	190

Basic average common shares outstanding		8,140,493		8,845,633		8,172,952		9,723,078
Effect of dilutive securities		67,354		64,680		48,140		43,066
Dilutive average shares outstanding		8,207,847		8,910,313		8,221,092		9,766,144
(Loss) earnings per share:
Basic	$	(0.12)	$	0.00	$	(0.12)	$	0.02
Diluted	$	(0.12)	$	0.00	$	(0.12)	$	0.02

Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented. There were 1,264,000 stock options that were anti-dilutive for both the three and six months ended December 31, 2024. There were 1,197,640 stock options that were anti-dilutive for both the three and six months ended December 31, 2023.

William Penn Bancorporation 10-Q