Note 4 - Earnings Per Common Share

3 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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
	September 30
	2014		2013
BASIC EARNINGS PER SHARE
Net income	$	1,527	$	1,865
Weighted average shares outstanding during the period, net of treasury shares (a)		24,122		24,057
Weighted average shares outstanding in the Deferred Compensation Plan during the period		314		296
Weighted average shares outstanding		24,436		24,353
Basic earnings per share	$	0.06	$	0.08
DILUTED EARNINGS PER SHARE
Net income	$	1,527	$	1,865
Weighted average shares outstanding
Basic		24,436		24,353
Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		72		134
Weighted average shares outstanding (c)		24,508		24,487
Diluted earnings per share	$	0.06	$	0.08

(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 2,168,025 common shares and 2,184,025 common shares at September 30, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares.