Earnings Per Share

9 Months Ended

Mar. 31, 2017

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, 2017 and 2016, there were outstanding options to purchase 683,250 shares and 943,500 shares of the Corporation’s common stock, respectively, of which 76,000 shares and 216,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2017 and 2016, there were outstanding restricted stock awards of 111,000 shares and 190,000 shares, respectively, all of which had a dilutive effect.

The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2017 and 2016, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended March 31,				For the Nine Months Ended March 31,
	2017		2016		2017		2016
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,145	$	1,494	$	4,243	$	4,919

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	7,926		8,318		7,943		8,427

Effect of dilutive shares:
Stock options	142		132		153		129
Restricted stock	26		66		30		64

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	8,094		8,516		8,126		8,620

Basic earnings per share	$	0.14	$	0.18	$	0.53	$	0.58
Diluted earnings per share	$	0.14	$	0.18	$	0.52	$	0.57