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Earnings Per Share
 3 Months Ended
Dec. 31, 2011
Earnings Per Share  
Earnings Per Share

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 December 31, 2011 and 2010, there were outstanding options to purchase 1,187,000 shares and 837,700 shares of the Corporation’s common stock, respectively, of which 594,000 shares and 656,700 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 and six months ended December 31, 2011 and 2010, respectively.

 

 

 

 

 

 

 

 

 

(In Thousands, Except Earnings Per Share)

 

  For the Quarter

Ended

December 31,

 

 

For the Six Months

Ended

December 31,

 

 

 

2011

 

 

2010

 

 

2011

 

 

2010

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

     Net income – numerator for basic earnings

        per share and diluted earnings

        per share - available to common stockholders

 

$

1,854

 

 

$

4,255

 

 

$

4,172

 

 

$

8,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Denominator for basic earnings per share: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Weighted-average shares 

 

 

 11,353

 

 

 

 11,377

 

 

 

 11,410

 

 

 

 11,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Effect of dilutive securities

 

 

31

 

 

 

10

 

 

 

39

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Denominator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Adjusted weighted-average shares

         and assumed conversions

 

 

11,384

 

 

 

11,387

 

 

 

11,449

 

 

 

11,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.16

 

 

$

0.37

 

 

$

0.37

 

 

$

0.77

 

Diluted earnings per share

 

$

0.16

 

 

$

0.37

 

 

$

0.36

 

 

$

0.77