Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Earnings/(Loss) Per Share

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Note 4 - Earnings/(Loss) Per Share
 6 Months Ended
Dec. 31, 2012
Earnings Per Share [Text Block]
NOTE 4 – EARNINGS/ (LOSS) PER SHARE

Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, warrants, convertible note payable and stock awards.

The components of basic and diluted earnings per share were as follows:

 For the six months ended December 31, 2012
Net Income
 
Shares
 
Per Share
 
 Basic income per share:
$ 3,152,108     7,774,719   $ 0.41  
              Net income available to common shareholders
             
 Effect of dilutive securities
                 
Warrants
        11,077        
 Diluted income per share
$ 3,152,108     7,785,796   $ 0.40  

 For the six months ended December 31, 2011
Net Income
 
Shares
 
Per Share
 
 Basic loss per share:
$ (1,139,141 )   5,626,944   $ (0.20 )
              Net income available to common shareholders
             
 Effect of dilutive securities *
                 
Stock options
        -        
Warrants
        -        
 Diluted loss per share
$ (1,139,141 )   5,626,944   $ (0.20 )

* As there is a loss, these securities are anti-dilutive.  The basic and diluted loss per share  is the same for the six months ended December 31, 2011. Convertible notes, being anti dilutive, have not been considered in diluted number of shares.