EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 9 - EARNINGS 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.

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 amounts):

	Year Ended June 30,
	2015		2014		2013
Net income (loss), as reported	$	1,160	$	956	$	(2,712	)
Weighted average common shares outstanding		15,327		15,289		15,255
Effect of dilutive stock options		237		112		-
Weighted average diluted common shares outstanding		15,564		15,401		15,255
Net income (loss) per common share
Basic	$	0.08	$	0.06	$	(0.18	)
Diluted	$	0.07	$	0.06	$	(0.18	)
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive		210		655		728