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EARNINGS PER SHARE
 9 Months Ended
Mar. 31, 2016
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 8 - EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net income (loss) by the weighted average number of common shares after considering the additional dilution related to common stock options, restricted stock and performance-based stock option awards. In computing diluted earnings per share, the outstanding common stock options and performance-based stock option awards are considered dilutive using the treasury stock method.

The Company’s restricted stock awards are treated as outstanding for earnings per share calculations since these shares have full voting rights and are entitled to participate in dividends declared on common shares, if any, and undistributed earnings.  As participating securities, the shares of restricted stock are included in the calculation of basic EPS using the two-class method.  For the periods presented, the amount of earnings allocated to the participating securities was not material.

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

  
Three-Months Ended
  
Nine-Months Ended
 
  
March 31,
  
March 31,
 
  
2016
  
2015
  
2016
  
2015
 
  
(Unaudited)
  
(Unaudited)
 
             
Net loss, as reported
 
$
(1,042
)
 
$
(812
)
 
$
(207
)
 
$
(137
)
                 
Weighted average common shares outstanding
  
15,462
   
15,360
   
15,449
   
15,309
 
Effect of dilutive stock options
  
-
   
-
   
-
   
-
 
Weighted average diluted common shares outstanding
  
15,462
   
15,360
   
15,449
   
15,309
 
                 
Net loss per common share
                
Basic
 
$
(0.07
)
 
$
(0.05
)
 
$
(0.01
)
 
$
(0.01
)
Diluted
 
$
(0.07
)
 
$
(0.05
)
 
$
(0.01
)
 
$
(0.01
)
                 
Employee stock options excluded from computation of dilutive loss per share amounts because their effect would be anti-dilutive
  
137
   
200
   
96
   
302