Earnings Per Share

9 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 6 — EARNINGS PER SHARE

The following table discloses the income (loss) per share for the three and nine months ended March 31, 2012 and March 31, 2011, respectively:

	Three months ended March 31,
	2012								2011
	Income (Loss)			Shares		Per Share Amount			Income (Loss)			Shares		Per Share Amount
Basic EPS
Net income (loss)	$	420,265			25,745,071	$	0.02		$	(2,793,535	)		25,669,718	$	(0.11	)
Effect of dilutive securities - stock options and warrants	$	—			160,500	$	—		$	—			—	$	0.00
Diluted EPS
Net income (loss)	$	420,265			25,905,571	$	0.02		$	(2,793,535	)		25,669,718	$	(0.11	)
	Nine months ended March 31,
	2012								2011
	Income (Loss)			Shares		Per Share Amount			Income (Loss)			Shares		Per Share Amount
Basic EPS
Net income (loss)	$	(2,157,491	)		25,688,556	$	(0.08	)	$	(7,121,876	)		25,651,552	$	(0.28	)
Effect of dilutive securities - stock options and warrants	$	—			—	$	0.00		$	—			—	$	0.00
Diluted EPS
Net income (loss)	$	(2,157,491	)		25,688,556	$	(0.08	)	$	(7,121,876	)		25,651,552	$	(0.28	)

There were 595,032 and 378,338 options not considered in the diluted earnings per share calculation for the three and nine months ended March 31, 2012 and 2011, respectively, because they were not dilutive as the exercise price is higher than the average stock price for the periods. There was no dilution attributable to stock options for the three months ended March 31, 2011 and the nine months ended March 31, 2012 and 2011, respectively, since the Company was in a net loss position for the periods.

Also included for consideration in the diluted earnings per share calculation for the nine-month period ended March 31, 2012 were warrants to acquire common shares issued as part of two separate exchange offerings. The warrants issued on September 3, 2009 include warrants to purchase 797,347 common shares, which expired on September 3, 2011. The warrants issued on March 16, 2010 include warrants to purchase 1,246,179 common shares and are exercisable at any time before March 16, 2015 at a price of $1.75 per share. The warrants issued on March 16, 2010 were considered for potential dilution for the nine months ended March 31, 2012 but the exercise price of the warrants, $1.75 per warrant, was more than the average market price of the Company's common shares for the period. Additionally, since the Company was in a net loss position for the period, the warrants were not dilutive.