Stock Options (Tables)

6 Months Ended

Dec. 31, 2020

2012 Employee Stock Option Plan

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option granted during the six months ended December 31, 2019 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	2019
Risk-free interest rates	1.80% - 2.10	%
Expected lives	10 years
Expected volatility	45%-46	%
Expected dividend yields	0	%

Schedule of Share-based Compensation, Stock Options, Activity

The following table reflects activity under the 2012 Employee Plan for the six months ended December 31,:

	2020				2019
			Weighted average				Weighted average
	Options		exercise price		Options		exercise price
Outstanding, beginning of year		117,840	$	18.84		72,500	$	11.01
Granted		—		—		28,000		30.13
Exercised		—		—		—		—
Outstanding, end of period		117,840	$	18.84		100,500	$	16.34
Exercisable, end of period		47,800	$	14.66		48,400	$	11.10
Weighted average fair value at grant date of options granted		n/a			$	16.57
Total intrinsic value of options exercised		n/a				n/a
Total intrinsic value of options outstanding	$	963,000			$	1,359,000
Total intrinsic value of options exercisable	$	590,000			$	895,000

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding under the 2012 Employee Plan at December 31, 2020:

	Options outstanding				Options exercisable
		Weighted average
	Number	remaining	Weighted average		Number	Weighted average
Range of exercise prices	outstanding	contractual life	exercise price		exercisable	exercise price
$4.37‑$33.59	117,840	7.9	$	18.84	47,800	$	14.66
	117,840	7.9	$	18.84	47,800	$	14.66

2012 Non-Employee Stock Option Plan

Schedule of Share-based Compensation, Stock Options, Activity

The following table reflects activity under the 2012 Non-Employee Plan for the six months ended December 31,:

	2020				2019
			Weighted average				Weighted average
	Options		exercise price		Options		exercise price
Outstanding, beginning of year		12,000	$	10.29		10,200	$	7.99
Exercised		—		—		—		—
Outstanding, end of period		12,000	$	10.29		10,200	$	7.99
Exercisable, end of period		8,520	$	9.08		5,400	$	7.35
Weighted average fair value at grant date of options granted		n/a				n/a
Total intrinsic value of options exercised		n/a				n/a
Total intrinsic value of options outstanding	$	191,000			$	218,000
Total intrinsic value of options exercisable	$	146,000			$	119,000

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding under the 2012 Non-Employee Plan at December 31, 2020:

	Options outstanding				Options exercisable
		Weighted average	Weighted			Weighted
	Number	remaining	average exercise		Number	average exercise
Range of exercise prices	outstanding	contractual life	price		exercisable	price
$4.37 - $23.35	12,000	6.7	$	10.29	8,520	$	9.08
	12,000	6.7	$	10.29	8,520	$	9.08

2018 Non-Employee Stock Option Plan

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option granted during the six months ended December 31, 2019 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	2019
Risk-free interest rates	1.80	%
Expected lives	10 years
Expected volatility	45	%
Expected dividend yields	—	%

Schedule of Share-based Compensation, Stock Options, Activity

The following table reflects activity under the 2018 Non-Employee Plan for the six months ended December 31,:

	2020				2019
			Weighted average				Weighted average
	Options		exercise price		Options		exercise price
Outstanding, beginning of year		48,400	$	23.48		15,200	$	16.20
Granted		—		—		16,000		30.54
Outstanding, end of period		48,400	$	23.48		31,200	$	23.55
Exercisable, end of period		18,640	$	22.44		8,800	$	21.41
Weighted average fair value at grant date of options granted		n/a			$	17.40
Total intrinsic value of options exercised		n/a				n/a
Total intrinsic value of options outstanding	$	202,000			$	200,000
Total intrinsic value of options exercisable	$	98,000			$	74,000

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding under the 2018 Non-Employee Plan at December 31, 2020:

	Options outstanding				Options exercisable
		Weighted average	Weighted			Weighted
	Number	remaining	average exercise		Number	average exercise
Range of exercise prices	outstanding	contractual life	price		exercisable	price
$16.20-$30.54	48,400	8.6	$	23.48	12,240	$	22.44
	48,400	8.6	$	23.48	12,240	$	22.44

2020 Non-Employee Stock Option Plan

Schedule of Share-based Compensation, Stock Options, Activity

The following table reflects activity under the 2020 Non-Employee Plan for the six months ended December 31,:

	2020
			Weighted average
	Options		exercise price
Outstanding, beginning of year		—		—
Granted		5,000	$	22.80
Exercised		—		—
Outstanding, end of period		5,000	$	22.80
Exercisable, end of period		1,000	$	22.80
Weighted average fair value at grant date of options granted	$	12.20
Total intrinsic value of options exercised		n/a
Total intrinsic value of options outstanding	$	17,000
Total intrinsic value of options exercisable	$	3,000

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding under the 2020 Non-Employee Plan at December 31, 2020:

	Options outstanding				Options exercisable
		Weighted average
	Number	remaining	Weighted average		Number	Weighted average
Range of exercise prices	outstanding	contractual life	exercise price		exercisable	exercise price
$22.80	5,000	9.7	$	22.80	1,000	$	22.80
	5,000	9.7	$	22.80	1,000	$	22.80

Fair Value Measurement Inputs and Valuation Techniques

The fair value of each option granted during the six months ended December 31 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:    

	2020
Risk-free interest rates	0.62	%
Expected lives	10 years
Expected volatility	45	%
Expected dividend yields	—	%