EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2015

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 8 - EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net income (loss) by the weighted average number of common shares after considering the additional dilution related to common stock options, restricted stock and performance-based stock option awards. In computing diluted earnings per share, the outstanding common stock options and performance-based stock option awards are considered dilutive using the treasury stock method.

The Company’s restricted stock awards are treated as outstanding for earnings 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
	September 30,
	2015		2014
	(Unaudited)
Net income (loss), as reported	$	220	$	(74	)
Weighted average common shares outstanding		15,419		15,288
Effect of dilutive stock options		507		-
Weighted average diluted common shares outstanding		15,926		15,288
Net income (loss) per common share
Basic	$	0.01	$	(0.00	)
Diluted	$	0.01	$	(0.00	)
Employee stock options excluded from computation of dilutive income per share amounts because their effect would be anti-dilutive		216		237