INCOME (LOSS) PER COMMON AND COMMON STOCK EQUIVALENT SHARE (Notes)

6 Months Ended

Dec. 31, 2015

Earnings Per Share, Basic and Diluted [Abstract]

Income (Loss) 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 periods ended December 31, 2015 and 2014.  When dilutive, stock options are included in income per share as share equivalents using the treasury stock method.  For the periods ended December 31, 2015 and 2014, 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 2,355,000 and 2,376,555 were excluded from the diluted weighted-average common shares outstanding for the periods ended December 31, 2015 and 2014, respectively, as they would be anti-dilutive.