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

3 Months Ended

Sep. 30, 2018

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 7,389,751 and 7,382,706 for the periods ended September 30, 2018 and 2017, respectively.  Diluted income per share is computed by dividing net income by the weighted-average number of common shares outstanding assuming dilution. The difference between basic and diluted income per share is the result of the dilutive effect of outstanding stock options. For the three months ended September 30, 2018, there were 94,115 dilutive stock options. The diluted weighted-average common shares outstanding was 7,483,866 for the three months ended September 30, 2018. There were no dilutive stock options for the three months ended September 30, 2017.  Shares issuable upon the exercise of outstanding options of 1,664,635 and 2,395,000 were excluded from the diluted weighted-average common shares outstanding for the periods ended September 30, 2018 and 2017, respectively, as they would be anti-dilutive.