7. EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 - 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 by using the treasury stock method that the proceeds we receive from an in-the-money option exercise are used towards repurchasing common shares in the market. For the years ended June 30, 2021, and 2020, we have calculated the diluted effect of common stocks arising from 484,000 and 251,291 stock options, respectively.  

The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Year Ended June 30,
	2021		2020
Net income attributable to Parent Company	$	17,699,035	$	5,550,618
Weighted-average shares of common stock outstanding:
Basic		11,350,946		10,581,499
Dilutive effect of common stock equivalents arising from stock options		241,955		134,480
Diluted Outstanding shares		11,592,901		10,715,979
Basic earnings per share attributable to Parent Company stockholders	$	1.56	$	0.52
Diluted earnings per share attributable to Parent Company stockholders	$	1.53	$	0.52