EARNINGS PER SHARE CALCULATION

6 Months Ended

Dec. 31, 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						Six months ended
	December 31,						December 31,
($ in thousands, except per share data)	2015			2014			2015			2014
Numerator for basic earnings per share - Net loss available to common shareholders	$	(874	)	$	(261	)	$	(846	)	$	(654	)
Gain recorded for reduction in fair value of warrants*		-			-			-			-
Numerator for diluted earnings per share - Net loss available to common shareholders	$	(874	)	$	(261	)	$	(846	)	$	(654	)
Denominator for basic earnings per share - Weighted average shares outstanding		35,828,776			35,657,519			35,808,488			35,625,199
Effect of dilutive potential common shares*		-			-			-			-
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding		35,828,776			35,657,519			35,808,488			35,625,199
Basic and diluted loss per share	$	(0.02	)	$	(0.01	)	$	(0.02	)	$	(0.02	)

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

Antidilutive shares excluded from the computation of average dilutive earnings per share were 289,619 and 141,279 for the three months ended December 31, 2015 and 2014, respectively and 346,855 and 142,037 for the six months ended December 31, 2015 and 2014, respectively.