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Earnings Per Share
 3 Months Ended
Sep. 30, 2014
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 September 30, 2014 and 2013, there were outstanding options to purchase 1.1 million shares and 1.0 million shares of the Corporation’s common stock, respectively, of which 271,500 shares and 511,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of September 30, 2014 and 2013, there were outstanding restricted stock awards of 266,500 shares and 72,250 shares, respectively, all of which have dilutive effects.

The following table provides the basic and diluted EPS computations for the quarters ended September 30, 2014 and 2013, respectively.
 
(In Thousands, Except Earnings Per Share)
For the Quarters Ended
September 30,
 
2014
2013
Numerator:
 
 
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders
$
2,390

$
1,513

 
 
 
Denominator:
 

 

Denominator for basic earnings per share:
 

 

 Weighted-average shares
9,253

10,305

 
 
 
   Effect of dilutive shares:
 
 
Stock options
173

194

Restricted stock
42

26

 
 
 
Denominator for diluted earnings per share:
 

 

Adjusted weighted-average shares and assumed conversions
9,468

10,525

 
 
 
Basic earnings per share
$
0.26

$
0.15

Diluted earnings per share
$
0.25

$
0.14