Note 7: Earnings Per Share

3 Months Ended

Sep. 30, 2012

Notes

Note 7: Earnings Per Share

Note 7:  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended
	September 30,
	2012	2011
Net income	$2,590,254	$2,850,392
Charge for early redemption of preferred stock issued at discount	-	94,365
Dividend payable on preferred stock	195,115	136,033
Net income available to common shareholders	$2,395,139	$2,619,994
Average Common shares – outstanding basic	3,248,369	2,095,923
Stock options under treasury stock method	135,071	70,999
Average Common shares – outstanding diluted	3,383,440	2,166,922
Basic earnings per common share	$0.74	$1.25
Diluted earnings per common share	$0.71	$1.21

At September 30, 2012 and 2011, no options outstanding had an exercise price exceeding the market price.