The following table sets forth the computation of basic and diluted earnings per common share:



	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
Numerator - Basic and Diluted ($000)
Net income	3,983		4,155		5,262		6,501
Dividends paid	(1,456	)	(1,411	)	(4,365	)	(4,228	)
Undistributed earnings	2,527		2,744		897		2,273

Allocated to common shares:
Undistributed earnings (a)	2,517		2,729		894		2,261
Dividends paid	1,451		1,403		4,347		4,204
Earnings allocated to common shares	3,968		4,132		5,241		6,465

Denominator
Basic weighted average common shares	7,076,734		7,014,909		7,061,693		6,996,726
Incremental unvested non-participating shares (b)	—		13,757		—		4,586
Diluted weighted average common shares	7,076,734		7,028,666		7,061,693		7,001,312

Earnings per Common Share ($)
Basic	.56		.59		.74		.92
Diluted	.56		.59		.74		.92



(a) Percentage allocated to weighted average common shares outstanding:
Common shares outstanding	7,076,734		7,014,909		7,061,693		6,996,726
Unvested participating shares outstanding (c)	27,664		39,000		27,664		39,000
Total	7,104,398		7,053,909		7,089,357		7,035,726

Percentage allocated to common shares	99.6	%	99.4	%	99.6	%	99.4	%

Undistributed earnings ($000)	2,527		2,744		897		2,273
Allocated to common shares	2,517		2,729		894		2,261

(b) Under our Incentive Compensation Plan, recipients of performance share awards receive unvested non-participating shares, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements. Unvested non-participating shares become dilutive in the interim quarter-end in which the performance objective is met. If the performance objective continues to be met through the end of the performance period, these shares become unvested participating shares as of the fiscal year-end, as further discussed below in Note (c). The weighted average number of unvested non-participating shares outstanding during a period is included in the diluted earnings per common share calculation using the treasury stock method, unless the effect of including such shares would be antidilutive. As of March 31, 2016, there were 39,000 unvested non-participating shares outstanding, which were not dilutive as the underlying performance condition has not been met. As of March 31, 2015, there were 39,000 unvested shares outstanding, of which 26,000 were dilutive based on the underlying performance condition being met.

(c) Certain awards under our shareholder approved incentive compensation plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, provide recipients of the awards all the rights of a shareholder of Delta including the right to dividends declared on common shares. Any unvested shares which are participating in dividends are considered participating securities and are included in our computation of basic and diluted earnings per share using the two-class method unless the effect of including such shares would be antidilutive. As of March 31, 2016 and 2015 there were 28,000 and 39,000 unvested participating shares outstanding, respectively.