Earnings Per Common Share

3 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 9 – Earnings per Common Share

Basic earnings per share ("Basic EPS") is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share ("Diluted EPS") includes the dilutive effect of employee and director stock options and nonvested deferred shares.

The computation of basic and diluted earnings per share is as follows:

	Three Months Ended
	September 30, 2011		September 30, 2010
	(In thousands, except per share data)
Basic EPS:
Net income	$	3,509	$	3,089
Weighted average shares outstanding		26,400		26,342
Basic EPS	$	0.13	$	0.12
Diluted EPS:
Weighted average shares outstanding – basic		26,400		26,342
Dilutive stock options		87		77
Dilutive nonvested deferred shares		235		130
Diluted weighted average shares		26,722		26,549
Diluted EPS	$	0.13	$	0.12

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:

	Three Months Ended
	September 30,		September 30,
	2011		2010
	(In thousands)
Stock options		105		121
Nonvested deferred shares		48		81
Total antidilutive securities		153		202