Earnings Per Share

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, 2018 and 2017, there were outstanding options to purchase 529,000 shares and 683,250 shares of the Corporation’s common stock, respectively. Of those shares, as of March 31, 2018 and 2017, there were 26,000 shares and 76,000 shares, respectively, which were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2018, there were outstanding restricted stock awards of 98,500 shares which had a dilutive effect in the third quarter of fiscal 2018; and as of March 31, 2017, there were outstanding restricted stock awards of 111,000 shares which had a dilutive effect in the third quarter of fiscal 2017.

The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2018 and 2017, respectively.



(In Thousands, Except Earnings Per Share)	For the Quarters Ended March 31,				For the Nine Months Ended March 31,
	2018		2017		2018		2017
Numerator:
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders	$	1,733	$	1,145	$	731	$	4,243

Denominator:
Denominator for basic earnings per share:
Weighted-average shares	7,457		7,926		7,573		7,943

Effect of dilutive shares:
Stock options	97		142		111		153
Restricted stock	62		26		53		30

Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	7,616		8,094		7,737		8,126

Basic earnings per share	$	0.23	$	0.14	$	0.10	$	0.53
Diluted earnings per share	$	0.23	$	0.14	$	0.09	$	0.52