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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Disclosure Text Block [Abstract]  
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 March 31, 2012 and 2011, there were outstanding options to purchase 1,178,000 shares and 837,700 shares of the Corporation’s common stock, respectively, of which 584,000 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 nine months ended March 31, 2012 and 2011, respectively.

 

 

 

 

 

 

 

 

 

 

(In Thousands, Except Earnings Per Share)

 

  For the Quarter

Ended

March 31,

 

 

For the Nine Months

Ended

March 31,

 

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

     Net income – numerator for basic earnings

        per share and diluted earnings

        per share - available to common stockholders

 

$

2,332

 

 

$

2,335

 

 

$

6,504

 

 

$

11,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Denominator for basic earnings per share:

         Weighted-average shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,130

 

 

 

11,399

 

 

 

11,318

 

 

 

11,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Effect of dilutive securities

 

 

64

 

 

 

36

 

 

 

47

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Denominator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Adjusted weighted-average shares

         and assumed conversions

 

 

11,194

 

 

 

11,435

 

 

 

11,365

 

 

 

11,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.21

 

 

$

0.20

 

 

$

0.57

 

 

$

0.98

 

Diluted earnings per share

 

$

0.21

 

 

$

0.20

 

 

$

0.57

 

 

$

0.98