Stock Based Compensation (Tables)

9 Months Ended

Mar. 31, 2014

Stock Based Compensation Tables

Schedule of weighted average assumptions for option awards

The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the nine-months ended March 31, 2014. There were no options awarded for the nine-months ended March 31, 2013.

	March 31, 2014
Dividend yield		3.67%
Expected stock price volatility		25.31%
Risk-free interest rate		1.23%
Expected option life (in years)		3.8 yrs
Weighted average fair value per share of options granted during the period	$	3.777

Schedule of stock option activity

The following table summarizes stock option activity during the nine-months ended March 31, 2014:

	Employee Stock Options Plan
						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining		Aggregate
	Subject			Exercise		Contractual		Intrinsic
	To Option			Price		Term		Value
Balance at July 1, 2013		159,250		$	21.12		6.30
Granted		31,600		$	27.22		9.39
Exercised		(13,485	)	$	19.09		—
Forfeited or expired		(500	)	$	26.20		—
Outstanding at March 31, 2014		176,865		$	22.35		6.28	$	866,596
Vested or expected to vest at March 31, 2014		168,951		$	22.17		6.17	$	858,303
Exercisable at March 31, 2014		116,415		$	20.33		4.97	$	805,419

Schedule of changes in non-vested stock options

The following table summarizes changes in non-vested stock options during the nine-months ended March 31, 2014:

	Weighted Number			Average Grant
	of Shares			Date Fair
	Subject to Option			Value (per Option)
Non-Vested at July 1, 2013		57,950		$	4.321
Granted		31,600		$	3.777
Vested		(28,600	)	$	4.757
Forfeited or expired		(500	)	$	3.837
Non-Vested at March 31, 2014		60,450		$	3.834