Earnings Per Share

9 Months Ended

Mar. 31, 2016

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, 2016 and 2015, there were outstanding options to purchase 943,500 shares and 1.1 million shares of the Corporation’s common stock, respectively, of which 216,500 shares and 246,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2016 and 2015, there were outstanding restricted stock awards of 190,000 shares and 265,000 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, 2016 and 2015, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended March 31,				For the Nine Months Ended March 31,
	2016		2015		2016		2015
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,494	$	2,600	$	4,919	$	7,318

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	8,318		8,940		8,427		9,106

Effect of dilutive shares:
Stock options	132		96		129		110
Restricted stock	66		70		64		56

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	8,516		9,106		8,620		9,272

Basic earnings per share	$	0.18	$	0.29	$	0.58	$	0.80
Diluted earnings per share	$	0.18	$	0.29	$	0.57	$	0.79