8. Earnings Per Share

12 Months Ended

Jun. 30, 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 the weighted average number of shares outstanding for the period. Diluted net income per share is computed by dividing reported net income available to common shareholders by the weighted average number of 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/loss per common share computations. Certain stock options were excluded from the computation of earnings per share due to their anti-dilutive effect. The weighted average number of such shares are 46,500 and 62,500, respectively, for the years ended June 30, 2013 and 2012.

	Year Ended June 30, 2013
	Income		Shares		Per Share Amount
Basic net income per common share	$	100,042		1,362,031	$	.07
Effect of dilutive securities		--		--		--
Diluted net income per common share	$	100,042		1,362,031	$	.07

	Year Ended June 30, 2012
	Income		Shares		Per Share Amount
Basic net income per common share	$	298,209		1,362,031	$	0.22
Effect of dilutive securities		--		1,112		--
Diluted net income per common share	$	298,209		1,363,143	$	0.22