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EARNINGS PER SHARE
 9 Months Ended
Mar. 31, 2015
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 8 - EARNINGS PER SHARE

Earnings per share (“EPS”) are measured at two levels: basic per share and diluted per share. Basic per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net loss 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.

In accordance with guidance related to share-based payment arrangements, the Company’s restricted stock awards are treated as outstanding for earning per share calculations since these shares have full voting rights and are entitled to participate in dividends declared on common shares, if any, and undistributed earnings.  As participating securities, the shares of restricted stock are included in the calculation of basic EPS using the two-class method.  For the periods presented, the amount of earnings allocated to the participating securities was not material.
 
The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per-share data):

  
Three-Months Ended
  
Nine-Months Ended
 
  
March 31,
  
March 31,
 
  
2015
  
2014
  
2015
  
2014
 
  
(Unaudited)
  
(Unaudited)
 
         
Net loss, as reported
 
$
(812
)
 
$
(935
)
 
$
(137
)
 
$
(693
)
                 
Weighted average common shares outstanding
  
15,360
   
15,248
   
15,309
   
15,296
 
Effect of dilutive stock options
  
-
   
-
   
-
   
-
 
Weighted average diluted common shares outstanding
  
15,360
   
15,248
   
15,309
   
15,296
 
                 
Net loss per common share
                
Basic
 
$
(0.05
)
 
$
(0.06
)
 
$
(0.01
)
 
$
(0.05
)
Diluted
 
$
(0.05
)
 
$
(0.06
)
 
$
(0.01
)
 
$
(0.05
)
                 
Employee stock options excluded from computation of dilutive loss per share amounts because their effect would be anti-dilutive
  
200
   
206
   
302
   
648