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Earnings Per Share

3 Months Ended

Sep. 30, 2011

Note 3: Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the earnings of the entity.

As of September 30, 2011 and 2010, there were outstanding options to purchase 1,249,700 shares and 905,200 shares of the Corporation’s common stock, respectively, of which 656,700 shares and 905,200 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive.

The following table provides the basic and diluted EPS computations for the quarters ended September 30, 2011 and 2010, respectively.


(In Thousands, Except Share Information)	For the Quarter Ended September 30,
	2011		2010
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	2,318	$	4,529

Denominator:
Denominator for basic earnings per share: Weighted-average shares
		11,468		11,362

Effect of dilutive securities:
Restricted stock dilution		47		-

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions		11,515		11,362

Basic earnings per share	$	0.20	$	0.40
Diluted earnings per share	$	0.20	$	0.40