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STOCK BASED COMPENSATION PLANS
 3 Months Ended
Sep. 30, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 7 – STOCK BASED COMPENSATION PLANS

 

The Company follows Accounting Standard Codification (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 Plans in the Company's Form 10-K for the year ended June 30, 2012 for more detail information on the Company’s stock-based compensation plans.

 

During the three months ended September 30, 2012 and 2011, the Company recorded stock option compensation cost of $100,000 and $38,000, respectively, related to the issuance of stock options. As of September 30, 2012, there was a total of $561,000 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, 2011 through September 30, 2012:

 

          Number of     Weighted Average     Weighted Average     Aggregate  
          Shares     Exercise Price     Remaining Life     Intrinsic Value  
                                         
Oustanding at     June 30, 2011       162,000     $ 11.02       6.48 years     $ 2,252,000  
Granted             95,000       20.04                  
Exercised             -       -                  
Forfeited             -       -                  
Exchanged             (15,000 )     13.72                  
Oustanding at     June 30, 2012       242,000     $ 14.55       7.46 years     $ 2,050,000  
Exercisable at     June 30, 2012       87,000     $ 11.48       4.92 years     $ 1,046,000  
Vested and Expected to vest at     June 30, 2012       242,000     $ 14.55       7.46 years       2,050,000  
                                         
Oustanding at     June 30, 2012       242,000     $ 14.55       7.46 years     $ 2,050,000  
Granted             -       -                  
Exercised             -       -                  
Forfeited             -       -                  
Exchanged             -       -                  
Oustanding at     September 30, 2012       242,000     $ 14.55       7.21 years     $ 2,212,000  
Exercisable at     September 30, 2012       87,000     $ 11.48       4.67 years     $ 1,060,000  
Vested and Expected to vest at     September 30, 2012       242,000     $ 14.55       7.21 years       2,212,000  

  

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

 

                Weighted Average  
                Grant Date  
          Number of RSUs     Fair Value  
RSUs outstanding as of     June 30, 2011       20,884     $ 16.14  
Granted             8,245       24.94  
Converted to common stock             (20,884 )     16.14  
RSUs outstanding as of     June 30, 2012       8,245       24.94  
Granted             -       -  
Converted to common stock             -       -  
RSUs outstanding as of     September 30, 2012       8,245     $ 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, 2012 and 2011, the four non-employee directors of the Company received a total grant of 3,528 and 3,532 shares of common stock.