EARNINGS PER COMMON SHARE

9 Months Ended

Mar. 31, 2013

EARNINGS PER COMMON SHARE [Text Block]

2. EARNINGS PER COMMON SHARE

Earnings per Common Share (EPS) are presented on both a basic and diluted basis in accordance with the provisions of Accounting Standards Codification Topic 260- Earnings per Share. Basic EPS is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the maximum dilution that would result after giving effect to dilutive stock options and convertible debentures. The following table presents the computation of basic and diluted EPS for the three and nine months ended March 31, 2013 and 2012:

		Three Months Ended March 31,
		2013			2012
Income (loss) from continuing operations	$	(19,716	)	$	107,172
Average shares of common stock outstanding used to compute basic earnings per common share		1,431,503			1,431,503
Additional common shares to be issued assuming exercise of stock options, and conversion of convertible debentures		1,600,000			1,280,000
Additional income from continuing operations, assuming conversion of convertible debentures at the beginning of the period	$	14,400		$	14,400
Shares used to compute dilutive effect of stock options and convertible debentures		Anti-dilutive			2,711,503
Basic earnings per common share from continuing operations	$	(0.014	)	$	0.075
Diluted earnings per common share from continuing operations	$	(0.014	)	$	0.045

		Nine Months Ended March 31,
		2013		2012
Income from continuing operations	$	92,275	$	184,212
Average shares of common stock outstanding used to compute basic earnings per common share		1,431,503		1,431,503
Additional common shares to be issued assuming exercise of stock options, and conversion of convertible debentures		1,600,000		1,280,000
Additional income from continuing operations, assuming conversion of convertible debentures at the beginning of the period	$	43,200	$	43,200
Shares used to compute dilutive effect of stock options and convertible debentures		3,031,503		2,711,503
Basic earnings per common share from continuing operations	$	0.064	$	0.129
Diluted earnings per common share from continuing operations	$	0.045	$	0.084