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EARNINGS PER SHARE
 3 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 8. EARNINGS PER SHARE

The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.

The following table sets forth the computation for basic and diluted EPS:

 

     Three Months Ended September 30,  
     2013     2012  

Income (loss) from continuing operations

    $ (8,768 )    $ 93,039   

Loss from discontinued operations

      (28,645 )      (44,239 ) 
  

 

 

    

 

 

  

Net income (loss)

    $ (37,413 )    $ 48,800   
    

Weighted average number of outstanding shares

     

Basic

      15,471,268        15,475,887   
    

Effect of dilutive securities

     

Employee stock options

      -        -   
  

 

 

    

 

 

  

Diluted

               15,471,268                 15,475,887   
  

 

 

    

 

 

  
    

Earnings (loss) per share

     

Basic:

     

Income (loss) from continuing operations

    $ 0.00      $ 0.00   

Loss from discontinued operations

    $ 0.00      $ 0.00   
  

 

 

    

 

 

  

Net income (loss)

    $ 0.00      $ 0.00   

Diluted:

     

Income (loss) from continuing operations

    $ 0.00      $ 0.00   

Loss from discontinued operations

    $ 0.00      $ 0.00   
  

 

 

    

 

 

  

Net income (loss)

    $ 0.00      $ 0.00   

The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three months ended September 30, 2013 and 2012, 29,000 options were excluded from diluted EPS, respectively.

The Company may repurchase stock from employees. The Company made no repurchases of shares of its class B, or class C common stock during the three months ended September 30, 2013. During the three months ended September 30, 2013, the Company repurchased 13,219 class A shares on the open market using cash of $37,209. The Company did not repurchase any shares of its class A common stock on the open market during the same period in fiscal year 2013. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.