Stock Based Compensation Plans

9 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation Plans

Note 9. 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 15 – Stock Based Compensation Plans in the Company’s Form 10-K for the year ended June 30, 2022 for more detailed information on the Company’s stock-based compensation plans.

During the three months ended March 31, 2023 and 2022, the Company did not record any stock option compensation cost. For the nine months ended March 31, 2023 and 2022, the Company recorded $0 and $4,000 of stock option compensation cost. Stock option compensation costs in each of the periods related to stock options that were previously issued. As of March 31, 2023 all compensation related to stock options has been fully amortized.

The following table summarizes the stock options activity from July 1, 2021 to March 31, 2023:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Aggregate Intrinsic Value
Options outstanding at July 1, 2021		341,195		$	16.95		2.83	$	8,890,000
Granted		—			—		—		—
Exercised		(90,000	)		19.77		—		—
Forfeited		—			—		—		—
Exchanged		—			—		—		—
Options outstanding at June 30, 2022		251,195		$	15.95		2.60	$	6,628,000
Options exercisable at June 30, 2022		251,195		$	15.95		2.60	$	6,628,000
Options vested at June 30, 2022		251,195		$	15.95		2.60	$	6,628,000
Options outstanding at July 1, 2022		251,195		$	15.95		2.60	$	6,628,000
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		—			—		—		—
Exchanged		—			—		—		—
Options outstanding at March 31, 2023		251,195		$	15.95		1.85	$	7,449,000
Options exercisable at March 31, 2023		251,195		$	15.95		1.85	$	7,449,000
Options vested at March 31, 2023		251,195		$	15.95		1.85	$	7,449,000