Earnings Per Share

9 Months Ended

Mar. 31, 2015

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, 2015 and 2014, there were outstanding options to purchase 1.1 million shares and 925,700 shares of the Corporation’s common stock, respectively, of which 246,500 shares and 448,700 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2015 and 2014, there were outstanding restricted stock awards of 265,000 shares and 81,500 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, 2015 and 2014, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended March 31,				For the Nine Months Ended March 31,
	2015		2014		2015		2014
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	2,600	$	1,399	$	7,318	$	4,515

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	8,940		9,792		9,106		10,061

Effect of dilutive shares:
Stock options	96		150		110		164
Restricted stock	70		31		56		29

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	9,106		9,973		9,272		10,254

Basic earnings per share	$	0.29	$	0.14	$	0.80	$	0.45
Diluted earnings per share	$	0.29	$	0.14	$	0.79	$	0.44

- Definition

The entire disclosure for earnings per share.

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