Note 7: Earnings Per Share

3 Months Ended

Sep. 30, 2013

Notes

Note 7: Earnings Per Share

Note 7:  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended
	September 30,
	2013	2012
Net income	$2,563,080	$2,590,254
Charge for early redemption of preferred stock issued at discount	-	-
Dividend payable on preferred stock	50,000	195,115
Net income available to common shareholders	$2,513,080	$2,395,139
Average Common shares – outstanding basic	3,295,043	3,288,369
Stock options under treasury stock method	94,061	95,071
Average Common shares – outstanding diluted	3,389,104	3,383,440
Basic earnings per common share	$0.76	$0.74
Diluted earnings per common share	$0.74	$0.71

At September 30, 2013 and 2012, no options outstanding had an exercise price exceeding the market price.