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Note 4 - Earnings Per Common Share
 6 Months Ended
Dec. 31, 2011
Note 4 - Earnings Per Common Share Disclosure  
Note 4 - Earnings Per Common Share
NOTE 4  -  EARNINGS PER COMMON SHARE
 
The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data):

 
   
Three Months Ended
   
Six Months Ended
 
   
December 31
   
December 31
 
   
2011
   
2010
   
2011
   
2010
 
                             
BASIC EARNINGS PER SHARE
                           
                             
Net income
 
$
772
   
$
2,948
   
$
2,096
   
$
7,216
 
                                 
Weighted average shares outstanding during the period, net of treasury shares (a)
   
24,034
     
24,044
     
24,037
     
24,046
 
Weighted average shares outstanding in the Deferred Compensation Plan during the period
   
264
     
244
     
258
     
239
 
Weighted average shares outstanding
   
24,298
     
24,288
     
24,295
     
24,285
 
                                 
Basic earnings per share
 
$
0.03
   
$
0.12
   
$
0.09
   
$
0.30
 
                                 
DILUTED EARNINGS PER SHARE
                               
                                 
Net income
 
$
772
   
$
2,948
   
$
2,096
   
$
7,216
 
                                 
Weighted average shares outstanding
                               
                                 
Basic
   
24,298
     
24,288
     
24,295
     
24,285
 
                                 
Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any
   
43
     
120
     
53
     
34
 
                                 
Weighted average shares outstanding (c)
   
24,341
     
24,408
     
24,348
     
24,319
 
                                 
Diluted earnings per share
 
$
0.03
   
$
0.12
   
$
0.09
   
$
0.30
 
 
 
(a)
Includes shares accounted for like treasury stock in accordance with Accounting Standards Codification Topic 710, Compensation - General.

 
(b)
Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period.

 
(c)
Options to purchase 1,821,210 common shares and 1,523,008 common shares at December 31, 2011 and 2010, respectively, and options to purchase 1,823,315 common shares and 2,032,614 common shares at December 31, 2011 and 2010, respectively, were not included in the computation of the three month and six month, respectively, diluted earnings per share because the exercise price was greater than the average fair market value of the common shares.