EARNINGS PER SHARE CALCULATION

3 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATION

2. EARNINGS PER SHARE CALCULATION

The calculation of basic earnings per share (“eps”) and diluted earnings per share is presented below:

	Three months ended  September 30,
($ in thousands, except per share data)	2015			2014
Numerator for basic earnings per share - Net income (loss) available to common shareholders	$	28		$	(393	)
Gain recorded for reduction in fair value of warrants		(343	)		*
Numerator for diluted earnings per share - Net loss available to common shareholders	$	(315	)	$	(393	)
Denominator for basic earnings per share - Weighted average shares outstanding		35,788,199			35,586,455
Effect of dilutive potential common shares		639,484			*
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding		36,427,683			35,586,455
Basic earnings (loss) per share	$	0.00		$	(0.01	)
Diluted loss per share	$	(0.01	)	$	(0.01	)

* No adjustment necessary as the effects would be anti-dilutive.

Antidilutive shares excluded from the computation of average dilutive earnings per share were 341,240 and 141,997 for the three months ended September 30, 2015 and 2014, respectively.