Note 9 - Earnings Per Share

9 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

(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 153,000 and 164,000 for the three and nine months ended March 31, 2013 and 2012, 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 March 31				Nine Months Ended March 31
(amounts in thousands)	2013		2012		2013		2012
Numerator:
Net income	$	5,333	$	1,998	$	11,700	$	5,701
Denominator:
Denominator for basic earnings per share outstanding		12,490		14,070		12,730		14,143
Denominator for diluted earnings per share:
Weighted average shares outstanding		12,490		14,070		12,730		14,143
Common stock options and restricted stock		543		626		572		640
Weighted average shares		13,033		14,696		13,302		14,783