Stock Options and Restricted Stock

6 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 9 – Stock Options and Restricted Stock

The Company recognizes compensation costs for all share-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718, “Compensation — Stock Compensation.”

The Bolt Technology Corporation 2012 Stock Incentive Plan (the “2012 Plan”) was approved by the Company’s stockholders at the November 20, 2012 Annual Meeting of Stockholders. The 2012 Plan replaced the Company’s Amended and Restated 2006 Stock Option and Restricted Stock Plan (the “2006 Plan”). No new grants may be made under the 2006 Plan, but stock option and restricted stock grants awarded prior to the effective date of the 2012 Plan continue in effect.

The 2012 Plan provides that 750,000 shares of Common Stock may be used for equity awards under the 2012 Plan of either stock options or restricted stock grants or any combination thereof. Stock options granted under the 2012 Plan can become vested over, and can be exercisable for, a period of up to ten years.

Under the 2012 Plan, non-qualified or compensatory stock options may be granted and awards of restricted stock may be made to non-employee directors at the discretion of the compensation committee, for up to a combined annual maximum of 3,000 shares of Common Stock per non-employee director. Under the terms of the 2012 Plan, no stock options or restricted stock can be granted subsequent to June 30, 2022.

Stock Options

Stock option compensation expense was $92,000 and $127,000 for the six month periods ended December 31, 2013 and 2012, respectively.

A summary of changes in stock options during the six month period ended December 31, 2013 is as follows:

	2012 Plan			2006 Plan
		Weighted			Weighted
		Average			Average
		Exercise			Exercise
	Shares	Price		Shares	Price
Options outstanding at June 30, 2013	50,000	$	15.43	83,425	$	12.33
Granted	-	$	-	-	$	-
Exercised	-	$	-	(16,550)	$	(12.92)
Options outstanding at December 31, 2013	50,000	$	15.43	66,875	$	12.19

At December 31, 2013, the aggregate intrinsic value for outstanding options was $986,000, because the market price of the Company’s Common Stock at December 31, 2013 was higher than the weighted average exercise price of such options.

Restricted Stock

During the six month period ended December 31, 2013, 33,100 shares of restricted stock were granted under the 2012 Plan. Of these shares, 28,000, 600 and 4,500 shares vest over a five-year period, three-year period and one-year period, respectively, and the cost to the recipients is zero.  During the six month period ended December 31, 2012, 27,100 shares of restricted stock were granted under the 2006 Plan. These shares vest over a five year period and the cost to the recipients is zero. The aggregate compensation cost for restricted stock granted during the six month periods ended December 31, 2013 and 2012 was $618,000 and $463,000, respectively, as of the grant dates. This compensation expense, which is a non-cash item, is being recognized in the Company’s financial statements over the vesting period of each restricted stock grant.  

Restricted stock compensation expense was $257,000 and $256,000 for the six month periods ended December 31, 2013 and 2012, respectively.  

A summary of changes in restricted stock awards during the six month period ended December 31, 2013 is as follows:

	2012 Plan			2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested restricted stock awards outstanding at June 30, 2013	5,200	$	14.49	91,100	$	12.52
Granted	33,100	$	18.67	-	$	-
Vested	(3,400)	$	14.27	(28,480)	$	12.74
Unvested restricted stock awards outstanding at December     31, 2013	34,900	$	18.48	62,620	$	12.42