Earnings Per Share

3 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 7—Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income by the weighted-average number of common shares outstanding during the period.

Diluted EPS is computed by dividing net income, adjusted for the effect of dilutive securities, by the weighted-average number of common and common equivalent shares outstanding during the period. The Company uses the treasury stock method to reflect the dilutive effect of outstanding stock options.

The Company had 452,655 and 572,448 outstanding stock options at September 30, 2011 and 2010, respectively. The calculation of diluted EPS included all of the outstanding stock options.

The table below presents the computation of basic and diluted EPS for the three months ended September 30, 2011 and 2010, respectively (in thousands, except per share data):

	Three Months Ended September 30,
	2011		2010
Numerator:
Net income	$	4,418	$	3,346
Denominator:
Weighted-average common shares outstanding		23,355		22,786
Net common stock equivalents assuming the exercise of in-the-money stock options		182		173
Weighted-average common and common equivalent shares outstanding, assuming dilution		23,537		22,959
Earnings Per Share:
Basic	$	0.19	$	0.15
Diluted	$	0.19	$	0.15