EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 9 - EARNINGS PER SHARE

Earnings per share are measured at two levels: basic per share and diluted per share. Basic per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to common stock options and restricted stock. In computing diluted earnings per share, the outstanding common stock options are considered dilutive using the treasury stock method. Vested restricted shares are included in basic common shares outstanding, and unvested restricted shares are included in the diluted common shares outstanding if the effect is dilutive.

The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per share amount):

				Year Ended June 30,
	2013			2012			2011
Net loss, as reported	$	(2,712	)	$	(3,621	)	$	(2,975	)
Weighted average common shares outstanding		15,255			15,109			14,944
Effect of dilutive stock options		-			-			-
Weighted average diluted common shares outstanding		15,255			15,109			14,944
Net loss per common share
Basic	$	(0.18	)	$	(0.24	)	$	(0.20	)
Diluted	$	(0.18	)	$	(0.24	)	$	(0.20	)
Employee stock options excluded from computation of diluted
income per share amounts because their effect would
be anti-dilutive		728			831			550