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Earnings per Common Share
 12 Months Ended
Jun. 30, 2012
Earnings per Common Share [Abstract]  
Earnings per Common Share

Note 12—Earnings per Common Share

Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director stock options and nonvested deferred shares. Stock options are considered dilutive whenever the exercise price is less than the average market price of the stock during the period and antidilutive whenever the exercise price exceeds the average market price of the common stock during the period. Nonvested deferred shares are considered dilutive (antidilutive) whenever the average market value of the shares during the period exceeds (is less than) the sum or the related average unamortized compensation expense during the period plus the related hypothetical estimated excess tax benefit that will be realized when the shares vest. Stock options and nonvested deferred shares are considered antidilutive in the event we report a net loss.

 

The computation of basic and diluted EPS is as follows:

 

                         
    Twelve Months Ended  
    June 30,
2012		     June 30,
2011		     June 30,
2010		  
    (In thousands, except per share data)  

Basic EPS:

                        

Net income

   $ 17,188     $ 18,982     $ 4,876  
   

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding

     25,921       26,406       26,275  
   

 

 

    

 

 

    

 

 

  

Basic EPS

   $ 0.66     $ 0.72     $ 0.19  
   

 

 

    

 

 

    

 

 

  

Diluted EPS:

                        

Weighted average shares outstanding—basic

     25,921       26,406       26,275  

Dilutive stock options

     79       93       101  

Dilutive nonvested deferred shares

     298       187       123  
   

 

 

    

 

 

    

 

 

  

Diluted weighted average shares

     26,298       26,686       26,499  
   

 

 

    

 

 

    

 

 

  

Diluted EPS

   $ 0.65     $ 0.71     $ 0.18  
   

 

 

    

 

 

    

 

 

  

The following securities are considered antidilutive and have been excluded from the calculation of diluted earnings per share:

 

                         
    Twelve Months Ended  
    June 30,
2012		     June 30,
2011		     June 30,
2010		  
    (In thousands)  

Stock options

     267       105       110  

Nonvested deferred shares

     3       13       82  
   

 

 

    

 

 

    

 

 

  

Total antidilutive securities

     270       118       192