Earnings Per Share

6 Months Ended

Dec. 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 December 31, 2015 and 2014, there were outstanding options to purchase 1.0 million shares and 1.1 million shares of the Corporation’s common stock, respectively, of which 216,500 shares and 271,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2015 and 2014, there were outstanding restricted stock awards of 197,500 shares and 266,500 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, 2015 and 2014, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended December 31,				For the Six Months Ended December 31,
	2015		2014		2015		2014
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	982	$	2,328	$	3,425	$	4,718

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	8,396		9,120		8,481		9,187

Effect of dilutive shares:
Stock options	142		62		127		117
Restricted stock	62		56		64		49

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	8,600		9,238		8,672		9,353

Basic earnings per share	$	0.12	$	0.26	$	0.40	$	0.51
Diluted earnings per share	$	0.11	$	0.25	$	0.39	$	0.50