Stockholders' Equity

12 Months Ended

Jun. 30, 2013

Stockholders Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 11 — Stockholders’ Equity

Changes in issued Common Stock and Stockholders’ Equity for each of the three fiscal years ended June 30, 2013, 2012 and 2011 were as follows:

	Common Stock				Treasury Stock				Retained Earnings		Total
	Shares		Amount		Shares		Amount		Amount		Amount
Balance June 30, 2010		8,694,843	$	29,663,000		9,492	$	(83,000)	$	42,375,000	$	71,955,000
Restricted stock grants		33,000		—		—		—		—		—
Restricted stock forfeitures		(700)		—		—		—		—		—
Stock based compensation expense		—		794,000		—		—		—		794,000
Purchase of treasury stock		—		—		98,629		(877,000)		—		(877,000)
Tax liability from vested restricted stock		—		(34,000)		—		—		—		(34,000)
Net income		—		—		—		—		5,527,000		5,527,000
Balance June 30, 2011		8,727,143		30,423,000		108,121		(960,000)		47,902,000		77,365,000
Restricted stock grants		40,300		—		—		—		—		—
Restricted stock forfeitures		(12,360)		—		—		—		—		—
Stock based compensation expense		—		775,000		—		—		—		775,000
Stock options exercised		11,250		79,000		—		—		—		79,000
Purchase of treasury stock		—		—		93,954		(966,000)		—		(966,000)
Tax asset from vested restricted stock and stock options exercised		—		17,000		—		—		—		17,000
Net income		—		—		—		—		1,982,000		1,982,000
Dividends ($1.10 per share)		—		—		—		—		(9,434,000)		(9,434,000)
Balance June 30, 2012		8,766,333		31,294,000		202,075		(1,926,000)		40,450,000		69,818,000
Restricted stock grants		32,300		—		—		—		—		—
Restricted stock forfeitures		(460)		—		—		—		—		—
Stock based compensation expense		—		736,000		—		—		—		736,000
Stock options exercised		29,930		286,000		—		—		—		286,000
Tax asset from vested restricted stock and stock options exercised		—		27,000		—		—		—		27,000
Expiration of non-qualified stock options		—		(133,000)		—		—		—		(133,000)
Net income		—		—		—		—		6,700,000		6,700,000
Dividends ($0.78 per share)		—		—		—		—		(6,725,000)		(6,725,000)
Balance June 30, 2013		8,828,103	$	32,210,000		202,075	$	(1,926,000)	$	40,425,000	$	70,709,000

At June 30, 2013 and 2012, 20,000,000 shares of Common Stock, no par value, were authorized.

In June 2010, the Company’s Board of Directors authorized and approved a program to repurchase up to $10,000,000 of its Common Stock through open market and privately negotiated transactions. Pursuant to the terms of the repurchase program, management determines the timing and amount of any stock repurchase transactions depending on market conditions, share prices, capital availability and other factors. The Company is not obligated to purchase any shares under the repurchase program. The repurchase program does not have an expiration date and repurchases may be commenced or suspended at anytime or from time to time without prior notice. The repurchase program is structured to conform to the safe harbor provisions of Securities and Exchange Commission Rule 10b-18. In fiscal year 2013, the Company did not purchase any shares of its Common Stock. In fiscal year 2012, the Company purchased 93,954 shares of its Common Stock at an average price of $10.28 per share. In fiscal year 2011, the Company purchased 98,629 shares of its Common Stock at an average price of $8.90 per share. All purchases were made on the open market with cash held by the Company and no debt was incurred. At June 30, 2013 the Company had 8,626,028 shares of Common Stock outstanding and the aggregate shares repurchased under the program since inception represented 2.34% of outstanding shares at that date.

In November 2011, the Company’s Board of Directors declared a special dividend of $1.00 per share on the Company’s outstanding Common Stock which was paid on December 20, 2011 to stockholders of record on December 6, 2011, in the aggregate amount of $8,576,000. In November 2012, the Company’s Board of Directors declared a special dividend of $0.50 per share on the Company’s outstanding Common Stock which was paid on December 18, 2012 to stockholders of record on December 4, 2012, in the aggregate amount of $4,312,000. In January 2012, the Board authorized and approved the institution of a quarterly dividend program, with dividends payable in January, April, July and October. The decision to declare any quarterly dividend, and the amount, timing and payment of any such quarterly dividend declared, are at the discretion of the Board.