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Earnings Per Share
 9 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
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, 2013 and 2012, there were outstanding options to purchase 1,124,500 shares and 1,178,000 shares of the Corporation’s common stock, respectively, of which 586,500 shares and 584,000 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, 2013 and 2012, respectively.

 
(In Thousands, Except Earnings Per Share)
For the Quarter
Ended
March 31,
For the Nine Months
Ended
March 31,
 
2013
2012
2013
2012
Numerator:
 
 
 
 
     Net income – numerator for basic earnings
        per share and diluted earnings
        per share - available to common stockholders
$
4,870

$
2,332

$
20,540

$
6,504

 
 
 
 
 
Denominator:
 

 

 

 

Denominator for basic earnings per share:
 

 

 

 

 Weighted-average shares
10,549

11,130

10,668

11,318

 
 
 
 
 
Effect of dilutive securities
259

64

218

47

 
 
 
 
 
Denominator for diluted earnings per share:
 

 

 

 

Adjusted weighted-average shares
and assumed conversions
10,808

11,194

10,886

11,365

 
 
 
 
 
Basic earnings per share
$
0.46

$
0.21

$
1.93

$
0.57

Diluted earnings per share
$
0.45

$
0.21

$
1.89

$
0.57