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EARNINGS PER SHARE
> Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of outstanding preferred shares using the "if-converted" method, assumed net-share settlement of common stock structured repurchases, and outstanding stock options using the "treasury stock" method.
The components of basic and diluted earnings per share were as follows:
| Year Ended June 30 |
1997 |
|
1998 |
|
1999 |
| |
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|
|
|
|
| |
|
|
|
|
|
| Net income |
$3,454 |
|
$4,490 |
|
$7,785 |
| |
|
|
|
|
|
| Preferred stock dividends |
15 |
|
28 |
|
28 |
|
| Net income available for common shareholders |
$3,439 |
|
$4,462 |
|
$7,757 |
|
| |
|
|
|
|
|
| Weighted average outstanding shares of common stock |
4,782 |
|
4,864 |
|
5,028 |
| |
|
|
|
|
|
| Dilutive effect of: |
|
|
|
|
|
| |
|
|
|
|
|
|
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Common stock under structured repurchases |
— |
|
6 |
|
13 |
| |
|
|
|
|
|
|
| |
Preferred stock |
26 |
|
34 |
|
16 |
| |
|
|
|
|
|
|
| |
Employee stock options |
436 |
|
458 |
|
425 |
|
| Common stock and common stock equivalents |
5,244 |
|
5,362 |
|
5,482 |
|
| |
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
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|
|
|
|
|
|
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Basic |
$ 0.72 |
|
$ 0.92 |
|
$ 1.54 |
|
| |
Diluted |
$ 0.66 |
|
$ 0.84 |
|
$ 1.42 |
|
|