EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2014

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 March 31,						Nine Months Ended March 31,
	2014			2013			2014			2013
Weighted average common shares outstanding		3,805,636			3,805,636			3,805,636			3,805,636
Average treasury stock shares		(1,747,706	)		(1,747,706	)		(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			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			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 March 31, 2014, there were 114,519 options outstanding with an exercise price of $16.20 which were anti-dilutive for the three and nine month periods. At March 31, 2013 there were 114,519 options outstanding with an exercise price of $16.20 which were anti-dilutive for the three and nine month periods.