Earnings Per Share

3 Months Ended

Sep. 30, 2017

Basic (loss) 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 September 30, 2017 and 2016, there were outstanding options to purchase 591,250 shares and 932,000 shares of the Corporation’s common stock, respectively. Of those shares, as of September 30, 2017 and 2016, there were 591,250 shares and 200,000 shares, respectively, which were excluded from the diluted EPS computation as their effect was anti-dilutive. As of September 30, 2017, there were outstanding restricted stock awards of 109,000 shares with no dilutive effect in the first quarter of fiscal 2018; and as of September 30, 2016, there were outstanding restricted stock awards of 110,250 shares which had a dilutive effect in the first quarter of fiscal 2017.

The following table provides the basic and diluted EPS computations for the quarters ended September 30, 2017 and 2016, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended September 30,
	2017			2016
Numerator:
Net (loss) income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	(225	)	$	1,594

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	7,694			7,948

Effect of dilutive shares:
Stock options	—			158
Restricted stock	—			48

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	7,694			8,154

Basic (loss) earnings per share	$	(0.03	)	$	0.20
Diluted (loss) earnings per share	$	(0.03	)	$	0.20