Earnings per Common Share

12 Months Ended

Jun. 30, 2013

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, 2013		June 30, 2012		June 30, 2011
	(In thousands, except per share data)
Basic EPS:
Net income	$	24,008	$	17,188	$	18,982
Weighted average shares outstanding	25,962		25,921		26,406
Basic EPS	$	0.92	$	0.66	$	0.72
Diluted EPS:
Weighted average shares outstanding—basic	25,962		25,921		26,406
Dilutive stock options	81		79		93
Dilutive nonvested deferred shares	315		298		187
Diluted weighted average shares	26,358		26,298		26,686
Diluted EPS	$	0.91	$	0.65	$	0.71

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



	Twelve Months Ended
	June 30, 2013	June 30, 2012	June 30, 2011
	(In thousands)
Stock options	193	267	105
Nonvested deferred shares	2	3	13
Total antidilutive securities	195	270	118

- Definition

The entire disclosure for earnings per share.

+ References+ Details