INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

9 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

Basic income per common share is computed based on the weighted-average number of common shares outstanding.  There were 7,382,706 weighted-average common shares outstanding for the three and nine month periods ended March 31, 2012 and 2011.  When dilutive, stock options are included in income per share as share equivalents using the treasury stock method.

For the three and nine months endedMarch 31, 2012 and 2011, there were no common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding for diluted income per share.  Shares under option of 1,654,308 and 1,474,308 were excluded from diluted weighted-average common shares outstanding for the three and nine months endedMarch 31, 2012 and 2011, respectively, as they would be anti-dilutive.