NET INCOME PER SHARE

3 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NOTE 2 - NET INCOME PER SHARE

The income per share was computed on the weighted average of outstanding common shares during the period.  Diluted earnings per share is calculated by including contingently issuable shares with the weighted average shares outstanding.

	Three Months Ended September 30
	2012			2011
Net income (loss)	$	10,551		$	(35,037	)
Preferred dividend requirements:
6% Prior Cumulative Preferred, $5 par value		15,000			15,000
5% Convertible Cumulative Preferred, $20 par value		17,018			17,018
Total dividend requirements		32,018			32,018
Net loss applicable to common stockholders	$	(21,467	)	$	(67,055	)

	Three Months Ended
	September 30
		2012			2011
Weighted average shares - basic		969,834			969,834
Dilutive effect of contingently issuable shares		1,033,334			1,033,334
Weighted Average Shares - diluted		2,003,168			2,003,168
Basic and diluted earnings per share	$	(0.02	)	$	(0.07	)

Cumulative Preferred Stock dividends in arrears at September 30, 2012 and 2011 totaled $7,468,536 and $7,340,464, respectively.  Total dividends in arrears, on a per share basis, consist of the following:

		Three Months Ended September 30
		2012		2011
6% Convertible
	Series A	$	16	$	16
	Series B		16		15
5% Convertible
	Series A		63		62
	Series B		63		62

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption.  In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends.  It may be exchanged for common stock at the option of the shareholders in the ratio of 4 common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends.  In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends.  It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred.