STOCK BASED COMPENSATION PLANS

6 Months Ended

Dec. 31, 2012

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

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

NOTE 8 – 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 December 31, 2012 and 2011, the Company recorded stock option compensation cost of $91,000 and $53,000, respectively, related to the issuance of stock options. During the six months ended December 31, 2012 and 2011, the Company recorded stock option compensation cost of $191,000 and $98,000, respectively, related to the issuance of stock options. As of December 31, 2012, there was a total of $470,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average period of 5 years.

The following table summarizes the stock options activity from June 30, 2011 through December 31, 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	December 31, 2012		242,000		$	14.55		6.96	$	1,591,000
Exercisable at	December 31, 2012		87,000		$	11.48		4.42	$	832,000
Vested and Expected to vest at	December 31, 2012		242,000		$	14.55		6.96	$	1,591,000

 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			(4,125	)		24.94
RSUs outstanding as of	December 31, 2012		4,120		$	24.94

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 six months ended December 31, 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.