Earnings Per Share

6 Months Ended

Dec. 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 December 31, 2014 and 2013, there were outstanding options to purchase 1.1 million shares and 974,200 shares of the Corporation’s common stock, respectively, of which 271,500 shares and 508,200 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2014 and 2013, there were outstanding restricted stock awards of 266,500 shares and 66,500 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, 2014 and 2013, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended December 31,				For the Six Months Ended December 31,
	2014		2013		2014		2013
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	2,328	$	1,603	$	4,718	$	3,116

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	9,120		10,078		9,187		10,192

Effect of dilutive shares:
Stock options	62		164		117		179
Restricted stock	56		29		49		27

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	9,238		10,271		9,353		10,398

Basic earnings per share	$	0.26	$	0.16	$	0.51	$	0.31
Diluted earnings per share	$	0.25	$	0.16	$	0.50	$	0.30

- Definition

The entire disclosure for earnings per share.

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