Earnings Per Share

3 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the earnings of the entity.

As of September 30, 2013 and 2012, there were outstanding options to purchase 1.0 million shares and 1.1 million shares of the Corporation’s common stock, respectively, of which 511,500 shares and 586,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of September 30, 2013 and 2012, there were outstanding restricted stock awards of 72,250 shares and 144,500 shares, respectively, all of which have dilutive effects.

The following table provides the basic and diluted EPS computations for the quarters ended September 30, 2013 and 2012, respectively.

(In Thousands, Except Earnings Per Share)	For the Quarters Ended September 30,
	2013		2012
Numerator:
Net income – numerator for basic earnings         per share and diluted earnings         per share - available to common stockholders	$	1,513	$	8,730
Denominator:
Denominator for basic earnings per share:
Weighted-average shares	10,305		10,799
Effect of dilutive shares:
Stock options	194		116
Restricted stock	26		54
Denominator for diluted earnings per share:
Adjusted weighted-average shares and assumed conversions	10,525		10,969
Basic earnings per share	$	0.15	$	0.81
Diluted earnings per share	$	0.14	$	0.80