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EARNINGS PER SHARE
 9 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised.

The following table sets forth the computation for basic and diluted EPS:
 
 
Nine Months Ended March 31,
 
Three Months Ended March 31,
 
 
2014
 
2013
 
2014
 
2013
Income (loss) from continuing operations
 
$
(992,505
)
 
$
386,398

 
$
(26,063
)
 
$
115,627

Loss from discontinued operations
 
(238,094
)
 
(130,446
)
 
(1,916
)
 
(74,460
)
Net income (loss)
 
$
(1,230,599
)
 
$
255,952

 
$
(27,979
)
 
$
41,167

Weighted average number of outstanding shares
 
 
 
 
 
 
Basic
 
15,466,280

 
15,484,371

 
15,454,932

 
15,490,020

Effect of dilutive securities
 
 
 
 
 
 
 
 
Employee stock options
 
—

 
—

 
—

 
—

Diluted
 
15,466,280

 
15,484,371

 
15,454,932

 
15,490,020

Earnings (loss) per share
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
   Income (loss) from continuing operations
 
$
(0.06
)
 
$
0.02

 
$
—

 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

 
—

 
(0.01
)
   Net income (loss)
 
$
(0.08
)
 
$
0.02

 
$
—

 
$
—

Diluted
 
 
 
 
 
 
 
 
   Income (loss) from continuing operations
 
$
(0.06
)
 
$
0.02

 
$
—

 
$
0.01

   Loss from discontinued operations
 
(0.02
)
 
0.00

 
—

 
(0.01
)
   Net income (loss)
 
$
(0.08
)
 
$
0.02

 
$
—

 
$
—


 
The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three and nine months ended March 31, 2014, 22,000 options were excluded from diluted EPS compared to 29,000 options excluded for the corresponding periods in 2013.

The Company may repurchase stock from employees. The Company made no repurchases of shares of its class B, or class C common stock during the nine months ended March 31, 2014. During the three and nine months ended March 31, 2014, the Company repurchased 35,065 and 76,511 class A shares on the open market using cash of $120,610 and $230,347, respectively. For both the three and nine months ended March 31, 2013, the Company repurchased 22,203 class A shares using cash of $84,983. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation.