EARNINGS PER SHARE

6 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per common share is computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period.  Shares outstanding include the nonvested shares of the Company.  See Note 11 “Stock-Based Compensation Plans” for additional information related to the nonvested share activity.  Shares issued during the period and shares reacquired during the period are weighted for the portion of the period they were outstanding. 

Diluted earnings per common share is similar to the computation of basic earnings per common share except the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive options outstanding had been exercised.

Following is a reconciliation of the income available to common shareholders and common stock share amounts used in the calculation of basic and diluted EPS for the periods presented:

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2014			2013		2014		2013
Net income (loss)	$	(868	)	$	2,170	$	944	$	3,149
Basic EPS:
Weighted average number of common shares outstanding	7,054,340			7,055,312		7,054,890		7,055,166
Basic earnings (loss) per common share	$	(0.12	)	$	0.31	$	0.13	$	0.45
Diluted EPS:
Weighted average number of common shares outstanding	7,054,340			7,055,312		7,054,890		7,055,166
Common share equivalents—Stock Options / Stock Appreciation Rights (SARs) under employee compensation plans/warrant	4,692			1,921		4,648		2,045
Weighted average number of common shares and common share equivalents	7,059,032			7,057,233		7,059,538		7,057,211
Diluted earnings (loss) per common share	$	(0.12	)	$	0.31	$	0.13	$	0.45