INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

6 Months Ended

Dec. 31, 2011

INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

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 six month periods ended December 31, 2011 and 2010.  When dilutive, stock options are included in income per share as share equivalents using the treasury stock method.

For the three and six months endedDecember 31, 2011 and 2010, 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 1,614,308 and 1,474,308 were excluded from diluted weighted-average common shares outstanding for the three and six months endedDecember 31, 2011 and 2010, respectively, as they would be anti-dilutive.