7. EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.”  Basic earnings per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options. The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Three Months ended March 31,				Nine Months Ended March 31,
	2016		2015		2016		2015
Net income attributable to Parent Company	$	391,370	$	17,799	$	1,026,536	$	725,427
Weighted-average shares of common stock outstanding:
Basic shares outstanding		10,414,536		10,533,869		10,486,606		10,533,869
Dilutive effect of common stock equivalents arising from stock options		215,917		116,740		215,917		116,740
Diluted shares outstanding		10,630,453		10,650,609		10,702,523		10,650,609
Basic earnings per share	$	0.04	$	0.00	$	0.10	$	0.07
Diluted earnings per share	$	0.04	$	0.00	$	0.10	$	0.07