Note 4 - Earnings Per Common Share

3 Months Ended

Sep. 30, 2016

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
	2016		2015

BASIC EARNINGS PER SHARE

Net income	$	829	$	3,750

Weighted average shares outstanding, net of treasury shares (a)		24,998		24,501
Weighted average vested restricted stock units outstanding		37		27
Weighted average shares outstanding in the Deferred Compensation Plan		240		236
Weighted average shares outstanding		25,275		24,764

Basic earnings per share	$	0.03	$	0.15

DILUTED EARNINGS PER SHARE

Net income	$	829	$	3,750

Weighted average shares outstanding

Basic		25,275		24,764

Effect of dilutive securities (b):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		637		430

Weighted average shares outstanding (c)		25,912		25,194

Diluted earnings per share	$	0.03	$	0.15

(a)

Includes shares accounted for like treasury stock.

(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 1,654,450 common shares and 1,683,500 common shares at September 30, 2016 and 2015, respectively, were not included in the computation of the three month period for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.