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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Jun. 30, 2014
Quarterly Financial Information Disclosure [Abstract]  
Summary of quarterly financial information
The following table presents summarized quarterly financial information for the years ended June 30, 2014 and 2013:
2014
First
 
Second (1)
 
Third (2)
 
Fourth
Revenues
$
4,633,699

 
$
4,392,289

 
$
4,337,006

 
$
4,310,514

Operating income (loss)
1,963,897

 
(158,095
)
 
1,357,534

 
2,364,811

Net income (loss) available to common shareholders
$
1,303,876

 
$
(577,459
)
 
$
755,125

 
$
1,441,469

Basic net income (loss) per share
$
0.05

 
$
(0.02
)
 
$
0.02

 
$
0.04

Diluted net income (loss) per share
$
0.04

 
$
(0.02
)
 
$
0.02

 
$
0.04

(1)
Reflects a $1.3 million restructuring charge and $0.8 million of non-recurring expenses primarily associated with the exercise of 4.0 million of 4.8 million of previously outstanding stock options and warrants.
(2)
Includes $608,000 of non-recurring expenses related to the retirement of an officer of the Company.

_______________________________________________________________________________



2013
First
 
Second
 
Third
 
Fourth (1)
Revenues
$
4,291,546

 
$
5,648,058

 
$
6,010,567

 
$
5,399,749

Operating income
$
1,930,556

 
$
3,024,721

 
$
3,394,531

 
$
2,351,546

Net income available to common shareholders
$
990,951

 
$
1,790,696

 
$
2,228,467

 
$
944,012

Basic net income per share
$
0.04

 
$
0.06

 
$
0.08

 
$
0.03

Diluted net income per share
$
0.03

 
$
0.06

 
$
0.07

 
$
0.03



(1)
The tax provision for fiscal 2013 reflects a higher effective tax rate compared to the estimated annual effective rate at March 31, 2013. The March effective rate included the favorable effect depletion in excess of basis and was based on the Company's estimate of taxable ordinary income at that time. In contrast to the March forecast, actual taxable income for fiscal 2013 was lower due to a taxable loss on the sale of assets in June 2013 and lower than expected book income due to $0.6 million of lower Delhi Field revenue and $0.4 million of higher general and administrative expense, primarily attributable to an increase in accrued bonus, shelf registration costs and an engineering study.