Earnings Per Share

9 Months Ended

Mar. 31, 2015

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 March 31, 2015 and 2014, net income as reported for each respective period is divided by the fully diluted weighted average number of shares outstanding:

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
(in thousands)	2015	2014	2015	2014
Basic shares	7,436	7,265	7,408	7,198
Potential common shares:
Stock options	237	383	252	325
Long-term incentive plan	21	20	14	16
Non-vested shares	8	7	7	7
	266	410	273	348
Diluted shares	7,702	7,675	7,681	7,546
Anti-dilutive shares	49	-	-	-