Earnings Per Share

3 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

5.   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 period were the end of the contingency period. 

In computing EPS for the quarters ended September 30, 2013 and 2012, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:

	September 30,
(in thousands)	2013	2012
Basic shares	7,125	6,938
Potential common shares:
Stock options	294	272
Long-term incentive plan	13	31
	307	303
Diluted shares	7,432	7,241
Anti-dilutive shares	-	-