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NET INCOME PER COMMON SHARE
 6 Months Ended
Dec. 31, 2021
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
12.
NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the periods. Diluted net income per common share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the periods. Common equivalent shares consist of stock options and unvested restricted shares that are computed using the treasury stock method. Anti-dilutive stock awards consist of stock options that would have been anti-dilutive in the application of the treasury stock method.

The following table reconciles the differences between the basic and diluted net income per share presentations:

   
Three Months Ended
December 31,
    
Six Months Ended
December 31,
  
   
2021
    
2020
    
2021
    
2020
  
Numerator:
                        
Net income
  
$
1,167,612
    
$
2,519,077
 
$
1,994,637
    
$
3,393,343
                                 
Denominator:
                                
Weighted average common shares outstanding:
                                
Basic
    
30,287,677
      
28,804,265
      
30,159,543
      
28,795,424
  
Effect of dilutive securities
    
1,027,811
      
458,437
      
1,078,405
      
184,585
  
Diluted
    
31,315,488
      
29,262,702
      
31,237,948
      
28,980,009
  
                                 
Net income per common share:
                                
Basic
  
$
0.04
    
$
0.09
 
$
0.07
    
$
0.12
Diluted
  
$
0.04
    
$
0.09
 
$
0.06
    
$
0.12

For the three and six months ended December 31, 2021 stock options to purchase approximately 836,000 and 786,000 shares, respectively, and for each of the three and six months ended December 31, 2020, stock options to purchase approximately 2.53 million shares and 2.80 million shares, respectively, were excluded from the computation of diluted net income per common share for each period presented herein. These shares are excluded from the computations of diluted net income per common share because the exercise price of the stock options for each of the periods presented herein was greater than the average market price of the common shares or the effect of inclusion of such amounts would be anti-dilutive to net income per common share. Approximately 179,000 shares of unvested restricted stock are excluded from the computation of diluted net income per common share for each of the three- and six-month periods ended December 31, 2021 and 2020, because the shares are performance-based and the underlying conditions have not been met as of the periods presented.