Note 3 - Earnings Per Common Share

12 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

NOTE 3 — 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)	2012		2011		2010
BASIC EARNINGS PER SHARE
Net income	$	3,224	$	10,828	$	1,424
Weighted average shares outstanding during the period, net of treasury shares (a)		24,036		24,046		23,896
Weighted average shares outstanding in the Deferred Compensation Plan during the period		262		241		232
Weighted average shares outstanding		24,298		24,287		24,128
Basic earnings per share	$	0.13	$	0.45	$	0.06
DILUTED EARNINGS PER SHARE
Net income	$	3,224	$	10,828	$	1,424
Weighted average shares outstanding
Basic		24,298		24,287		24,128
Effect of dilutive securities (b):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		54		52		6
Weighted average shares outstanding (c)		24,352		24,339		24,134
Diluted earnings per share	$	0.13	$	0.44	$	0.06

(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 1,782,868 common shares, 1,881,395 common shares, and 2,046,573 common shares at June 30, 2012, 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.