Earnings Per Share

6 Months Ended

Dec. 31, 2013

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 period were the end of the contingency period. 

In computing EPS for the quarters and six months ended December 31, 2013 and 2012, 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)	2013	2012	2013	2012
Basic shares	7,205	7,030	7,165	6,984
Potential common shares:
Stock options	311	219	291	233
Long-term incentive plan	14	26	14	28
Non-vested shares	7	-	7	-
	332	245	312	261
Diluted shares	7,537	7,275	7,477	7,245
Anti-dilutive shares	57	38	57	-