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Earnings Per Share
 12 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note 14. Earnings Per Share

The following table sets forth the computation for basic and diluted earnings per share (EPS):

 

     Year Ended June 30,  
     2013      2012      2011  

Basic and diluted net income (loss)

    $ (194,212)       $ 1,530,434       $ 7,832,647   

Weighted average number of outstanding shares

         

Basic

      15,482,612         15,441,464         15,384,435   

Effect of dilutive securities

         

Employee stock options

      -         118         -   
  

 

 

     

 

 

     

 

 

  

Diluted

      15,482,612         15,441,582         15,384,435   
  

 

 

     

 

 

     

 

 

  

Earnings (loss) per share

         

Basic

      ($0.01)         $0.10         $0.51   

Diluted

      ($0.01)         $0.10         $0.51   

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the year ended June 30, 2013, employee stock options for 29,000 shares were excluded from diluted EPS. For the year ended June 30, 2012, employee stock options for 24,000 shares were excluded from diluted EPS. For the year ended June 30, 2011, employee stock options for 25,300 shares were excluded from diluted EPS. During fiscal year 2013, the Company repurchased 55,052 class A shares on the open market using cash of $173,608. The Company did not repurchase any shares of its class A common stock on the open market during fiscal years 2012 or 2011 or from employees during fiscal years 2013, 2012 or 2011. Repurchased shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.