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EARNINGS PER SHARE
 6 Months Ended
Dec. 31, 2013
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 8 - EARNINGS PER SHARE

Earnings per share are measured at two levels: basic per share and diluted per share. Basic per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to common stock options and restricted stock. In computing diluted earnings per share, the outstanding common stock options are considered dilutive using the treasury stock method. Vested restricted shares are included in basic common shares outstanding, and unvested restricted shares are included in the diluted common shares outstanding, if the effect is dilutive.

The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per-share data):

 
 
Three-Months Ended
  
Six-Months Ended
 
 
 
December 31,
  
December 31,
 
 
 
2013
  
2012
  
2013
  
2012
 
 
 
(Unaudited)
  
(Unaudited)
 
 
 
  
  
  
 
Net income (loss), as reported
 
$
120
  
$
(428
)
 
$
242
  
$
(1,067
)
 
                
Weighted average common shares outstanding
  
15,295
   
15,232
   
15,319
   
15,221
 
Effect of dilutive stock options
  
143
   
-
   
83
   
-
 
Weighted average diluted common shares outstanding
  
15,438
   
15,232
   
15,402
   
15,221
 
 
                
Net income (loss) per common share
                
Basic
 
$
0.01
  
$
(0.03
)
 
$
0.02
  
$
(0.07
)
Diluted
 
$
0.01
  
$
(0.03
)
 
$
0.02
  
$
(0.07
)
 
                
Employee stock options excluded from computation of dilutive income (loss) per share amounts because their effect would be anti-dilutive
  
445
   
851
   
653
   
831