Note 4 - Earnings Per Common Share

3 Months Ended

Sep. 30, 2012

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
	2012		2011
BASIC EARNINGS PER SHARE
Net income	$	1,830	$	1,324
Weighted average shares outstanding during the period, net of treasury shares (a)		24,028		24,041
Weighted average shares outstanding in the Deferred Compensation Plan during the period		276		253
Weighted average shares outstanding		24,304		24,294
Basic earnings per share	$	0.08	$	0.05
DILUTED EARNINGS PER SHARE
Net income	$	1,830	$	1,324
Weighted average shares outstanding
Basic		24,304		24,294
Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		69		66
Weighted average shares outstanding (c)		24,373		24,360
Diluted earnings per share	$	0.08	$	0.05

(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 1,838,650 common shares and 1,781,987 common shares at September 30, 2012 and 2011, 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.