Note 7. 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 $124,712 and $144,323 for the three-month periods ended March 31, 2015 and 2014, respectively. ESOP compensation expense was $333,389 and $427,987 for the nine-month periods ended March 31, 2015 and 2014, respectively.

The ESOP shares as of March 31, 2015 and 2014 were as follows:

	March 31, 2015		March 31, 2014
Allocated Shares		441,531		453,026
Committed-to-be-released shares		13,750		14,375
Unreleased shares		83,750		102,291
Total shares held by the ESOP		539,031		569,692
Fair value of unreleased shares	$	2,480,675	$	2,787,430

During the three and nine months ended March 31, 2015, the Company repurchased 0 and 13,553 shares previously held in the ESOP for $0 and $320,504, respectively. During the three and nine months ended March 31, 2014 the Company did not repurchase any shares previously held by the ESOP.