Earnings (loss) per common share

6 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Earnings (loss) per common share

Basic earnings (loss) per common share are computed by dividing net income (loss)) by the weighted-average number of shares outstanding. Diluted earnings per common share include the dilutive effect of stock options, if any.

Earnings (loss) per common share was computed as follows:

	For the Three Month					For the Six Month
	Periods Ended					Periods Ended
	December 31,					December 31,
	2011			2010		2011		2010
Net income (loss)	$	(55,300	)	$	189,600	$	4,000	$	191,800
Weighted average common shares outstanding		1,265,613			1,196,577		1,231,095		1,196,577
Dilutive securities		—			17,308		14,873		16,360
Weighted average dilutive common shares outstanding		1,265,613			1,213,885		1,245,968		1,212,937
Basic earnings (loss) per common share	$	(0.04	)	$	0.16	$	—	$	0.16
Diluted earnings (loss) per common share	$	(0.04	)	$	0.16	$	—	$	0.16

Approximately 2,000 and 1,500 shares of the Company’s Common Stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for the six month periods ended December 31, 2011 and 2010, respectively, and 1,500 were excluded from the computation for the three month period ended December 31, 2010 because the effect would be anti-dilutive. Approximately 57,000 shares were excluded from the computation for the three month period ended December 31, 2011 because it would be anti-dilutive due to the loss for the period.