EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 14 – EARNINGS PER SHARE

Basic earnings per share are computed on the basis of the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share:

	For The Three Months Ended				For The Nine month ended
	March 31,				March 31,
	2013		2012		2013		2012
Net income attributable to the common stockholders	$	3,880,020	$	1,275,171	$	10,487,697	$	9,061,912
Basic weighted-average common shares outstanding		40,267,431		40,345,780		40,237,142		40,531,461
Dilutive effect of warrants and options
Diluted weighted-average common shares outstanding		40,267,431		40,345,780		40,237,142		40,531,461
Earnings per share:
Basic	$	0.10	$	0.03	$	0.26	$	0.22
Diluted	$	0.10	$	0.03	$	0.26	$	0.22

Warrants and options to purchase 685,000, and 105,000 shares of common stock, respectively were outstanding during as of March 31, 2013 and June 30, 2012, but were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive because the exercise prices of the warrants and options were larger than the average share price during the period.