Note 9 - Earnings (Loss) Per Share

3 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9. Earnings (Loss) Per Share

Basic earnings (loss) per common share is computed by dividing net earnings (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per common share include the potential dilution that would occur from common shares issuable upon the exercise of outstanding stock options and warrants and the conversion of preferred stock. There is no dilutive effect on earnings (loss) per share during loss periods. As of September 30, 2013, 6,040,428 shares of common stock were issuable upon the conversion or exercise of options, warrants and preferred stock. For the three months ended September 30, 2013 and 2012, there were 6,040,428 and 2,724,011 shares of common stock equivalents, respectively, excluded from the computation of diluted earnings (loss) per share because their effect would have been antidilutive.

The following summarizes the computations of basic and diluted earnings (loss) per common share for the three months ended September 30, 2013 and 2012:

	Three Months Ended September 30,
	2013			2012
Numerator for basic and diluted earnings per share:
Net (loss) income from continuing operations	$	(276,000	)	$	533,000
Income from discontinued operations, net of tax		—			43,000
Net (loss) income		(276,000	)		576,000
Net (loss) income from continuing operations		(276,000	)		533,000
Payment of preferred stock dividends		(28,000	)		(28,000	)
Net (loss) income available to common stockholders	$	(304,000	)	$	505,000
Weighted average shares used in computing basic net earnings per share:		54,004,743			53,821,435
Effect of dilutive securities		—			1,069,314
Weighted average shares used in computing diluted net earnings per share:		54,004,743			54,890,749
Income per common share, basic	$	(0.01	)	$	0.01
Income per common share, diluted	$	(0.01	)	$	0.01