STOCK OPTIONS (Notes)

3 Months Ended

Sep. 30, 2012

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

STOCK OPTIONS

STOCK OPTIONS

The Company recognizes stock-based compensation expense for options granted under both the 1990 Flexible Incentive Plan and the 2012 Omnibus Incentive Plan, which was approved by the stockholders at the annual meeting held on October 3, 2012. The stock-based compensation relates to stock options granted to employees, non-employee directors and non-employee consultants. In the three months ended September 30, 2012, options to purchase 430,000 shares were granted under the 2012 Omnibus Incentive Plan at a weighted average exercise price of $5.14. In the three months ended September 30, 2011, options to purchase 415,000 shares were granted under the 1990 Flexible Incentive Plan at a weighted average exercise price of $6.37. Stock-based compensation expense during the three months ended September 30, 2012 and 2011 was $148,502 and $124,671, respectively.