Income (Loss) Per Share of Common Stock

6 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

2. Income (Loss) Per Share of Common Stock

Basic income (loss) per common share (“basic EPS”) is computed by dividing income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per common share (“diluted EPS”) is computed by dividing income (loss) by the weighted average number of common shares and dilutive common share equivalents outstanding (consisting of outstanding common stock options) for the period.

The number of weighted average common shares used in the calculation of basic EPS and diluted EPS were as follows:

	For the six months ended		For the three months ended
	December 31,		December 31,
	2014	2013	2014	2013
Basic shares	7,464,194	7,189,136	7,567,442	7,195,406
Dilutive effect of stock options	443,433	-	603,379	517,497
Diluted shares	7,907,627	7,189,136	8,170,821	7,712,903

Excluded from the calculations of diluted EPS are options to purchase 2,000 and 543,080 shares of common stock for the three and six months ended December 31, 2014 and the three months ended December 31, 2013, respectively.

Diluted EPS for the six months ended December 31, 2013 presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculation of diluted EPS are outstanding options to purchase 1,831,829 shares of common stock for the six months ended December 31, 2013.