Earnings Per Share

6 Months Ended

Dec. 31, 2013

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, 2013 and 2012, there were outstanding options to purchase 974,200 shares and 1.1 million shares of the Corporation’s common stock, respectively, of which 508,200 shares and 586,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2013 and 2012, there were outstanding restricted stock awards of 66,500 shares and 144,500 shares, respectively, all of which have dilutive effects.

The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2013 and 2012, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended December 31,				For the Six Months Ended December 31,
	2013		2012		2013		2012
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,603	$	6,940	$	3,116	$	15,670

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	10,078		10,654		10,192		10,727

Effect of dilutive shares:
Stock options	164		162		179		139
Restricted stock	29		84		27		75

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	10,271		10,900		10,398		10,941

Basic earnings per share	$	0.16	$	0.65	$	0.31	$	1.46
Diluted earnings per share	$	0.16	$	0.64	$	0.30	$	1.43

- Definition

The entire disclosure for earnings per share.

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