NOTE

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
	2019		2018

BASIC EARNINGS (LOSS) PER SHARE

Net income	$	4,475	$	1,749

Weighted average shares outstanding, net of treasury shares (a)		26,024		25,752
Weighted average vested restricted stock units outstanding		24		53
Weighted average shares outstanding in the Deferred Compensation Plan		188		227
Weighted average shares outstanding		26,236		26,032

Basic earnings per share	$	0.17	$	0.07

DILUTED EARNINGS (LOSS) PER SHARE

Net income (loss)	$	4,475	$	1,749

Weighted average shares outstanding
Basic		26,236		26,032

Effect of dilutive securities (b):
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any		57		333

Weighted average shares outstanding (c)		26,293		26,365

Diluted earnings per share	$	0.17	$	0.07

(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

2,861,423

common shares and

3,146,466

common shares at

September 30, 2019

and

2018,

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.