Employee Stock Ownership Plan

3 Months Ended

Sep. 30, 2013

EmployeeStockOwnershipPlanAbstract

Employee Stock Ownership Plan

Note 6. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as unearned ESOP shares in the statement of financial position. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $130,428 for the three-month period ended September 30, 2013 and $139,701 for the three-month period ended September 30, 2012. The ESOP shares as of September 30, 2013 and 2012 were as follows:

	September 30, 2013		September 30, 2012
Allocated shares		469,338		456,909
Committed-to-be-released shares		4,792		5,000
Unreleased shares		111,874		131,666
Total shares held by the ESOP		586,004		593,575
Fair value of unreleased shares	$	3,199,596	$	3,465,449