7. Earnings (Loss) per common share

9 Months Ended

Mar. 31, 2014

Equity [Abstract]

Earnings (Loss) per common share

7. 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 (loss) 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 Nine Month
	Periods Ended		Periods Ended
	March 31,		March 31,
	2014	2013	2014	2013
Net income (loss)	($ 59,700)	$ 150,100	$ 77,500	$ 226,300
Weighted average common
shares outstanding	1,390,433	1,337,663	1,382,519	1,336,844
Effect of dilutive
securities	-	4,701	9,741	4,543
Weighted average dilutive
common shares outstanding	1,390,433	1,342,364	1,392,260	1,341,387
Basic earnings (loss) per
common share	($ .04)	$ .11	$ .06	$ .17
Diluted earnings (loss) per
common share	($ .04)	$ .11	$ .06	$ .17

Approximately 61,000 shares of the Company’s common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted loss per common share, for the three month period ended March 31, 2014, because the effect would be anti-dilutive due to the loss for the period.

Approximately 40,000 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 each of the three and nine month periods ended March 31, 2013, because the effect would be anti-dilutive.