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Loss (Income) per Share
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9 Months Ended |
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Mar. 31, 2012
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| Earnings Per Share [Abstract] | |
| Earnings Per Share Text Block |
Earnings per Share
Income and losses per common share are based upon the weighted average number of common and common equivalent shares outstanding during the period. The reconciling items in the calculation of diluted earnings per share are the dilutive effect of stock options, warrants, and non-vested shares. The potential dilutive impact of non-vested shares is determined using the treasury stock method. The dilutive impact of stock options and warrants is also determined using the treasury stock method.
For the three and nine months ended March 31, 2012, the Company had 4,422,826 and 7,522,826 options and warrants outstanding that had an exercise price below the average stock price that would have resulted in 107,681 and 548,866 incremental dilutive shares. The Company also had 204,167 non-vested options for shares of Company stock that would have resulted in 91,718 and 69,595 incremental dilutive shares for the three and nine months ended March 31, 2012. There were no other potentially dilutive items at March 31, 2012. However, as a result of the net losses for the periods, there was no dilutive effect on earnings per share.
For the three and nine months ended March 31, 2011, the Company had 9,697,826 and 8,997,826 options and warrants outstanding that had an exercise price below the average stock price for the period that would have resulted in 4,397,581 and 3,447,251 incremental dilutive shares. The Company also had 208,334 non-vested options for shares of Company stock for the three and nine months ended March 31, 2011, that would have resulted in 148,039 and 95,934 incremental dilutive shares for the period. There were no other potentially dilutive items at March 31, 2011. However, as a result of the net losses for the periods, there was no dilutive effect on earnings per share.
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