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NET INCOME PER COMMON SHARE
 9 Months Ended
Mar. 31, 2022
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
March 31,
    
Nine Months Ended
March 31,
  
   
2022
    
2021
    
2022
    
2021
  
Numerator:
                        
Net income
  
$
338,508
    
$
1,036,227
 
$
2,333,145
    
$
4,429,570
                                 
Denominator:
                                
Weighted average common shares outstanding:
                                
Basic
    
30,484,897
      
29,320,434
      
30,286,195
      
28,967,946
  
Effect of dilutive securities
    
783,513
      
1,205,004
      
985,482
      
699,783
  
Diluted
    
31,268,410
      
30,525,438
      
31,271,677
      
29,667,729
  
                                 
Net income per common share:
                                
Basic
  
$
0.01
    
$
0.04
 
$
0.08
    
$
0.15
Diluted
  
$
0.01
    
$
0.03
 
$
0.07
    
$
0.15

For the three and nine months ended March 31, 2022 stock options to purchase approximately 975,000 and 773,000 shares, respectively, and for the three and nine months ended March 31, 2021, stock options to purchase approximately 1.09 million shares and 1.60 million shares, respectively, were excluded from the computation of diluted net income per common share. 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 nine-month periods ended March 31, 2022 and 2021, because the shares are performance-based and the underlying conditions have not been met as of the periods presented.