Note 7: Earnings Per Share

6 Months Ended

Dec. 31, 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		Six months ended
	December 31,		December 31
	2013	2012	2013	2012
Net income	$2,518,828	$2,480,920	$5,081,908	$5,071,174
Charge for early redemption of preferred stock issued at discount	-	-	-	-
Dividend payable on preferred stock	50,000	50,000	100,000	245,115
Net income available to common shareholders	$2,468,828	$2,430,920	$4,981,908	$4,826,059
Average Common shares – outstanding basic	3,296,805	3,289,309	3,295,924	3,288,839
Stock options under treasury stock method	104,759	94,241	98,567	92,865
Average Common shares – outstanding diluted	3,401,564	3,383,550	3,394,491	3,381,704
Basic earnings per common share	$0.75	$0.74	$1.51	$1.47
Diluted earnings per common share	$0.73	$0.72	$1.47	$1.43

At December 31, 2013 and 2012, no options outstanding had an exercise price exceeding the market price.