Note 4 - Earnings Per Common Share

3 Months Ended

Sep. 30, 2011

Earnings Per Share [Text Block]

NOTE 4 -  EARNINGS PER COMMON SHARE

The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data):

	Three Months Ended
	September 30
	2011		2010
BASIC EARNINGS PER SHARE
Net income	$	1,324	$	4,268
Weighted average shares outstanding during the period, net of treasury shares (a)		24,041		24,048
Weighted average shares outstanding in the Deferred Compensation Plan during the period		253		233
Weighted average shares outstanding		24,294		24,281
Basic earnings per share	$	0.05	$	0.18
DILUTED EARNINGS PER SHARE
Net income	$	1,324	$	4,268
Weighted average shares outstanding
Basic		24,294		24,281
Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		66		8
Weighted average shares outstanding (c)		24,360		24,289
Diluted earnings per share	$	0.05	$	0.18

(a) Includes shares accounted for like treasury stock in accordance with Accounting Standards Codification Topic 710, Compensation - General.

(b) Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

(c) Options to purchase 1,781,987 common shares and 2,074,064 common shares at September 30, 2011 and 2010, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares.