Earnings (Loss) Per Common Share

9 Months Ended

Mar. 31, 2012

Earnings (Loss) Per Common Share

4.)   Earnings (Loss) Per Common Share

Earnings (loss) per common share amounts (“Basic EPS”) are calculated by dividing earnings by the weighted average number of common shares outstanding for the period.  Earnings (loss) per common share amounts, assuming dilution (“Diluted EPS”), were computed by reflecting the potential dilution from the exercise of stock options.  Both Basic EPS and Diluted EPS are presented on the face of the condensed consolidated statements of operations.

A reconciliation between the numerators and denominators of the Basic and Diluted EPS computations for earnings is as follows (in thousands except per share data):

	Three months ended March 31, 2012
	Net income (numerator)		Shares (denominator)		Per Share Amounts
Basic EPS
Net income, as reported	$	303		19,096	$	0.02
Effect of dilutive securities
Employee Stock Options		--		313		----
Diluted EPS
Net income, as reported and assumed option exercises	$	303		19,409	$	0.02

395,750 options to purchase shares of common stock in the three months ended March 31, 2012 were excluded in the computation of Diluted EPS because their inclusion would be anti-dilutive.

	Three months ended March 31, 2011
	Net income (numerator)		Shares (denominator)		Per Share Amounts
Basic EPS
Net income, as reported	$	695		19,096	$	0.04
Effect of dilutive securities
Employee Stock Options		--		97		--
Diluted EPS
Net income, as reported and assumed option exercises	$	695		19,193	$	0.04

530,750 options to purchase shares of common stock in the three months ended March 31, 2011 were excluded in the computation of Diluted EPS because their inclusion would be anti-dilutive.

	Nine months ended March 31, 2012
	Net income (numerator)		Shares  (denominator)		Per Share Amounts
Basic EPS
Net income, as reported	$	445		19,096	$	0.01
Effect of dilutive securities
Employee Stock Options		--		157		--
Diluted EPS
Net income, as reported and assumed option exercises	$	445		19,253	$	0.01

733,880 options to purchase shares of common stock in the nine months ended March 31, 2012 were excluded in the computation of Diluted EPS because their inclusion would be anti-dilutive.

	Nine months ended March 31, 2011
	Net loss (numerator)			Shares (denominator)		Per Share Amounts
Basic EPS
Net loss, as reported	$	(282	)		19,096	$	(0.01	)
Effect of dilutive securities
Employee Stock Options		--			--		--
Diluted EPS
Net loss, as reported and assumed option exercises	$	(282	)		19,096	$	(0.01	)

1,410,140 options to purchase shares of common stock in the nine months ended March 31, 2011 were excluded in the computation of Diluted EPS because their inclusion would be anti-dilutive.