Note 4 - Earnings Per Common Share

6 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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				Six Months Ended
	December 31				December 31
	2014		2013		2014		2013
BASIC EARNINGS PER SHARE
Net income	$	1,588	$	870	$	3,115	$	2,735
Weighted average shares outstanding during the period, net of treasury shares (a)		24,124		24,066		24,123		24,062
Weighted average shares outstanding in the Deferred Compensation Plan during the period		325		307		319		301
Weighted average shares outstanding		24,449		24,373		24,442		24,363
Basic earnings per share	$	0.06	$	0.04	$	0.13	$	0.11
DILUTED EARNINGS PER SHARE
Net income	$	1,588	$	870	$	3,115	$	2,735
Weighted average shares outstanding
Basic		24,449		24,373		24,442		24,363
Effect of dilutive securities (b):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		58		254		64		167
Weighted average shares outstanding (c)		24,507		24,627		24,506		24,530
Diluted earnings per share	$	0.06	$	0.04	$	0.13	$	0.11

(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 2,377,900 common shares and 1,197,150 common shares at December 31, 2014 and 2013, respectively, and options to purchase 2,371,900 common shares and 1,676,650 common shares at December 31, 2014 and 2013, respectively, were not included in the computation of the three month and six month periods for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.