EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

3. EARNINGS PER SHARE

The following table sets forth the computation of the weighted-average common shares used to calculate basic and diluted earnings per share.

	Three Months Ended September 30,
	2012			2011
Weighted average common shares issued		3,805,636			3,805,636
Average treasury stock shares		(1,747,706	)		(1,747,706	)
Weighted average common shares and common stock equivalents used to calculate basic earnings per share		2,057,930			2,057,930
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		-			-
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share		2,057,930			2,057,930

There are no convertible securities that would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income is used.

At September 30, 2012, there were 124,519 options outstanding with an exercise price of $16.20 which were anti-dilutive for the three month period. At September 30, 2011 there were 124,824 options outstanding with an exercise price ranging from $15.77 to $16.20 which were anti-dilutive for the three month period.