Earnings Per Share

6 Months Ended

Dec. 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 December 31, 2016 and 2015, there were outstanding options to purchase 903,000 shares and 1.0 million shares of the Corporation’s common stock, respectively, of which 151,000 shares and 216,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2016 and 2015, there were outstanding restricted stock awards of 105,000 shares and 197,500 shares, respectively, all of which had a dilutive effect.

The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2016 and 2015, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended December 31,				For the Six Months Ended December 31,
	2016		2015		2016		2015
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,504	$	982	$	3,098	$	3,425

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	7,954		8,396		7,951		8,481

Effect of dilutive shares:
Stock options	170		142		164		127
Restricted stock	21		62		35		64

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	8,145		8,600		8,150		8,672

Basic earnings per share	$	0.19	$	0.12	$	0.39	$	0.40
Diluted earnings per share	$	0.18	$	0.11	$	0.38	$	0.39