INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Notes)

3 Months Ended

Sep. 30, 2013

Earnings Per Share, Basic and Diluted [Abstract]

Income Per Common and Common Stock Equivalent Share

INCOME PER COMMON AND COMMON STOCK EQUIVALENT SHARE

Basic income per share is computed based on the weighted-average number of common shares outstanding.  The weighted-average number of common shares outstanding was 7,382,706 for the quarters ended September 30, 2013 and 2012.  When dilutive, stock options are included in income per share as share equivalents using the treasury stock method.  For the periods ended September 30, 2013 and 2012, there were no common stock equivalents related to stock option grants that were included in the computation of the weighted-average number of shares outstanding for diluted income per share.  Shares issuable upon the exercise of outstanding options of 2,186,000 and 1,944,308 were excluded from the diluted weighted-average common shares outstanding for the periods ended September 30, 2013 and 2012, respectively, as they would be anti-dilutive.