Note 7. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all non-union 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 $113,094 for the three-month period ended September 30, 2015 and $111,191 for the three-month period ended September 30, 2014. The ESOP shares as of September 30, 2015 and 2014 were as follows:

	September 30, 2015		September 30, 2014
Allocated shares		459,864		445,175
Committed-to-be-released shares		4,375		4,583
Unreleased shares		74,792		92,917

Total shares held by the ESOP		539,031		542,675

Fair value of unreleased shares	$	1,836,144	$	1,870,419

During the three months ended September 30, 2015, the Company did not repurchase any shares held by the ESOP. During the three months ended September 30, 2014 the Company repurchased 9,909 shares previously held in the ESOP for a purchase price of $234,834.