Earnings Per Share

6 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

6.  EARNINGS PER SHARE

Basic earnings per share (“EPS”) of common stock is based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share of common stock includes the dilutive effect of potential common shares outstanding. The Company’s potential common shares outstanding are stock options and shares associated with the long-term management incentive compensation plan. The Company calculates the dilutive effect of outstanding options using the treasury stock method.Anti-dilutive shares are not included in the computation of diluted EPS when their exercise price  was greater than the average closing market price of the common shares. The Company calculates the dilutive effect of shares related to the long-term management incentive compensation plan based on the number of shares, if any, that would be issuable if the end of the fiscal year were the end of the contingency period. 

In computing EPS for the three and six months ended December 31, 2012 and 2011, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:  

	Three Months Ended		Six Months Ended
	December 31,		December 31,
(in thousands)	2012	2011	2012	2011
Basic shares	7,030	6,763	6,984	6,745
Potential common shares:
Stock options	219	129	233	143
Long-term incentive plan	26	75	28	80
	245	204	261	223
Diluted shares	7,275	6,967	7,245	6,968
Anti-dilutive shares	38	624	-	559