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EARNINGS PER SHARE
 6 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.
The following table sets forth the computation for basic and diluted EPS:
 
 
Six Months Ended December 31,
 
 
2013
 
2012
Income (loss) from continuing operations
 
$
(966,442
)
 
$
270,772

Loss from discontinued operations
 
(236,178
)
 
(55,987
)
Net income (loss)
 
$
(1,202,620
)
 
$
214,785

Weighted average number of outstanding shares
 
 
 
 
Basic
 
15,471,816

 
15,481,547

Effect of dilutive securities
 
 
 
 
Employee stock options
 
—

 
—

Diluted
 
15,471,816

 
15,481,547

Earnings (loss) per share
 
 
 
 
Basic
 
 
 
 
   Income (loss) from continuing operations
 
$
(0.06
)
 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

   Net income (loss)
 
$
(0.08
)
 
$
0.01

Diluted
 
 
 
 
   Income (loss) from continuing operations
 
$
(0.06
)
 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

   Net income (loss)
 
$
(0.08
)
 
$
0.01

 
 
 
Three Months Ended December 31,
 
 
2013
 
2012
Income (loss) from continuing operations
 
$
(957,674
)
 
$
177,732

Loss from discontinued operations
 
(207,533
)
 
(11,747
)
Net income (loss)
 
$
(1,165,207
)
 
$
165,985

Weighted average number of outstanding shares
 
 
 
 
Basic
 
15,472,370

 
15,487,207

Effect of dilutive securities
 
 
 
 
Employee stock options
 
—

 
—

Diluted
 
15,472,370

 
15,487,207

Earnings (loss) per share
 
 
 
 
Basic
 
 
 
 
   Income (loss) form continuing operations
 
$
(0.06
)
 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

   Net income (loss)
 
$
(0.08
)
 
$
0.01

Diluted
 
 
 
 
   Income (loss) form continuing operations
 
$
(0.06
)
 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

   Net income (loss)
 
$
(0.08
)
 
$
0.01


The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three and six months ended December 31, 2013 and 2012, 29,000 options were excluded from diluted EPS.
The Company may repurchase stock from employees. The Company made no repurchases of shares of its class B, or class C common stock during the six months ended December 31, 2013. During the three and six months ended December 31, 2013, the Company repurchased 28,227 and 41,446 class A shares on the open market using cash of $72,528 and $109,737, respectively. The Company did not repurchase any shares of its class A common stock on the open market during the same periods in fiscal year 2013. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.