Earnings Per Share

9 Months Ended

Mar. 31, 2014

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, 2014 and 2013, there were outstanding options to purchase 925,700 shares and 1.1 million shares of the Corporation’s common stock, respectively, of which 448,700 shares and 586,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2014 and 2013, there were outstanding restricted stock awards of 81,500 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 nine months ended March 31, 2014 and 2013, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended March 31,				For the Nine Months Ended March 31,
	2014		2013		2014		2013
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,399	$	4,870	$	4,515	$	20,540

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	9,792		10,549		10,061		10,668

Effect of dilutive shares:
Stock options	150		191		164		157
Restricted stock	31		87		29		79

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	9,973		10,827		10,254		10,904

Basic earnings per share	$	0.14	$	0.46	$	0.45	$	1.93
Diluted earnings per share	$	0.14	$	0.45	$	0.44	$	1.88

- Definition

The entire disclosure for earnings per share.

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