5. Earnings Per Share

9 Months Ended

Mar. 31, 2013

Notes to Financial Statements

Earnings Per Share

Net income  per share has been presented pursuant to ASC Topic 260, “Earnings per Share”.  Basic net income  per share is computed by dividing reported net income  available to common shareholders by weighted average shares outstanding for the period.  Diluted net income  per share is computed by dividing reported net income available to common shareholders by weighted average shares outstanding for the period, adjusted for the dilutive effect of common stock equivalents, which consist of stock options, using the treasury stock method.

The tables below set forth the reconciliation of the numerators and denominators of the basic and diluted net income per common share computations. For the three months ended March 31, 2013, outstanding stock options for 41,400 shares were excluded from the calculation of diluted net income due to the exercise price of the options exceeding the average share price for the quarter.  For the three months ended March 31, 2012, options for 36,000 shares were excluded due to the exercise price of the options exceeding the average share price for the quarter.

For the nine months ended March 31, 2013, outstanding stock options for 46,500 shares were excluded from the calculation of diluted net income due to the exercise price of the options exceeding the average share price for the quarter. For the nine months ended March 31, 2012, outstanding stock options for 48,000 shares were excluded from the calculation of diluted net income due to the exercise price of the options exceeding the average share price for the quarter. 

	Three-months Ended March 31,
	2013						2012
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
Basic net income
per common share	$	101,448		1,362,031	$	.07	$	132,562		1,362,031	$	.10
Effect of dilutive Securitie		--		9		--		--		2,079		--
Diluted net income per common share	$	101,448		1,362,040	$	.07	$	132,562		1,364,110	$	.10

	Nine-months Ended March 31,
	2013						2012
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
Basic net income
per common share	$	428,612		1,362,031	$	.31	$	13,225		1,362,031	$	.01
Effect of dilutive Securities		--		--		--		--		1,401		--
Diluted net income per common share	$	428,612		1,362,031	$	.31	$	13,225		1,363,432	$	.01