Earnings Per Share

6 Months Ended

Dec. 31, 2014

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, shares associated with the long-term management incentive compensation plan and non-vested shares. 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 is 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 December 31, 2014 and 2013, 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)	2014	2013	2014	2013
Basic shares	7,417	7,205	7,395	7,165
Potential common shares:
Stock options	255	311	259	291
Long-term incentive plan	15	14	12	14
Non-vested shares	7	7	6	7
	277	332	277	312
Diluted shares	7,694	7,537	7,672	7,477
Anti-dilutive shares	-	57	-	57