STOCK BASED COMPENSATION PLANS

3 Months Ended

Sep. 30, 2011

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

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

NOTE 9 – STOCK BASED COMPENSATION PLANS

The Company follows the Statement of Financial Accounting Standards 123 (Revised), "Share-Based Payments" ("SFAS No. 123R"), which was primarily codified into ASC Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. 

Please refer to Note 16 – Stock Based Compensation Plansin the Company's Form 10-K for the year ended June 30, 2011 for more detail information on the Company’s stock-based compensation plans.

In July 2011, an officer of the Company was awarded 5,000 stock options with an exercise price of $24.92, with 1,000 options vesting each year for the next five years and expiring ten years from the date of grant.

During the three months ended September 30, 2011 and 2010, the Company recorded stock option compensation cost of $38,000 and $37,000, respectively, related to the issuance of stock options.  As of September 30, 2011, there was a total of $290,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average of 5 years.

The following table summarizes the stock options activity from June 30, 2010 through September 30, 2011:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Life	Aggregate Intrinsic Value
Oustanding at June 30, 2010		192,000		$	11.32	6.44 years	$	790,000
Granted		-			-
Exercised		(3,000	)		12.70
Forfeited		-
Exchanged		(27,000	)		12.96
Oustanding at June 30, 2011		162,000			11.02	6.48 years		2,252,000
Granted		5,000			24.92	10.00 years		-
Exercised		-			-
Forfeited		-
Exchanged		-			-
Oustanding at September 30, 2011	$	167,000			11.44	6.34 years	$	1,939,000
Exercisable at September 30, 2011		79,500		$	11.76	3.95 years	$	892,000
Estimated number of options
vested and expected to vest at September 30, 2011		167,000		$	11.44	6.34 years	$	1,939,000

The table below summarizes the restricted stock units (RSUs) granted and outstanding.

				Weighted Average
	Number of RSUs			Grant Date Fair Value
RSUs outstanding as of June 30, 2010		32,564		$	12.89
Granted		5,884		$	24.92
Converted to common stock		(17,564	)	$	13.07
RSUs outstanding as of June 30, 2011		20,884		$	16.14
Granted		-		$	-
Converted to common stock		(15,000	)	$	12.69
RSUs outstanding as of September 30, 2011		5,884		$	24.92

On July 1 of every year, as part of the Stock Compensation Plan for Non-employee Directors, each non-employee director received an automatic grant of a number of shares of Company’s Common Stock equal in value to $22,000 ($88,000 total recorded as stock compensation expense) based on 100% of the fair market value of the Company’s stock on the day of grant.  During the three months ended September 30, 2011 and 2010, the four non-employee directors of the Company received a total grant of 3,532 and 4,716 shares of common stock.

In September 2011, the Company’s President converted his 15,000 RSUs to common stock.  As part of the transaction, he surrendered 4,958 shares to Intergroup in exchange for $123,950 or $25 per share which was the closing price of the stock on that day.   The Company recorded this transaction as a purchase of treasury stock.