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v2.4.0.6
Note 9 - Earnings Per Share
6 Months Ended
Dec. 31, 2011
Note 9 - Earnings Per Share Disclosure  
Note 9 - Earnings Per Share
(9)  Earnings Per Share
Basic earnings per share is based on the weighted average number of common shares outstanding.  Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive potential common shares which, in the Company’s case, comprise shares issuable under the Company’s Comprehensive Long-Term Incentive Plan.  The weighted average number of common shares utilized in the calculation of the diluted earnings per share does not include anti-dilutive shares aggregating 169,000 and 439,000  for the six months ended December 31, 2011 and 2010, respectively.  The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised.
 
The following table sets forth the computation of basic and fully diluted earnings per share:
 
   
Three Months Ended
   
Six Months Ended
 
   
December 31
   
December 31
 
(amounts in thousands)
 
2011
   
2010
   
2011
   
2010
 
Numerator:
                       
Net income
 
$
1,174
   
$
4,654
   
$
3,703
   
$
8,760
 
                                 
Denominator:
                               
Denominator for basic earnings per share outstanding
   
14,244
     
13,961
     
14,180
     
13,900
 
                                 
Denominator for diluted earnings per share:
                               
Weighted average shares outstanding
   
14,244
     
13,961
     
14,180
     
13,900
 
Common stock options and restricted stock
   
617
     
759
     
645
     
673
 
                                 
Weighted average shares
   
14,861
     
14,720
     
14,825
     
14,573