Note 9 - Earnings Per Share

6 Months Ended

Dec. 31, 2011

Note 9 - Earnings Per Share Disclosure

Note 9 - Earnings Per Share

(9)  Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding.  Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive potential common shares which, in the Company’s case, comprise shares issuable under the Company’s Comprehensive Long-Term Incentive Plan.  The weighted average number of common shares utilized in the calculation of the diluted earnings per share does not include anti-dilutive shares aggregating 169,000 and 439,000 for the six months ended December 31, 2011 and 2010, respectively.  The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised.

The following table sets forth the computation of basic and fully diluted earnings per share:

	Three Months Ended				Six Months Ended
	December 31				December 31
(amounts in thousands)	2011		2010		2011		2010
Numerator:
Net income	$	1,174	$	4,654	$	3,703	$	8,760
Denominator:
Denominator for basic earnings per share outstanding		14,244		13,961		14,180		13,900
Denominator for diluted earnings per share:
Weighted average shares outstanding		14,244		13,961		14,180		13,900
Common stock options and restricted stock		617		759		645		673
Weighted average shares		14,861		14,720		14,825		14,573