Stock Options
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Stock Options |
NOTE 7 - Stock Options
In
December 2012, the stockholders approved the 2012 Employee Stock
Option Plan (the 2012 Plan). The 2012 Plan authorizes
the granting of awards, the exercise of which would allow up to an
aggregate of 950,000 shares of the Company's common stock to be
acquired by the holders of such awards. Under the 2012
Plan, the Company may grant stock options, which are intended to
qualify as incentive stock options (ISOs), to valued
employees. Any plan participant who is granted ISOs and
possesses more than 10% of the voting rights of the Company's
outstanding common stock must be granted an option with a price of
at least 110% of the fair market value on the date of
grant.
Under
the 2012 Plan, stock options may be granted to valued employees
with a term of up to 10 years at an exercise price equal to or
greater than the fair market value on the date of grant and are
exercisable in whole or in part at 20% per year beginning on the
date of grant. An option granted under the 2012 Plan shall vest in
full upon a “change in control” as defined in the 2012
Plan. At June 30, 2013, no stock options were granted or
exercisable and 950,000 stock options were available for grant
under this plan.
In
December 2012, the stockholders approved the 2012 Non-Employee
Stock Option Plan (the 2012 Non-Employee Plan). The 2012
Non-Employee Plan authorizes the granting of awards, the exercise
of which would allow up to an aggregate of 50,000 shares of the
Company's common stock to be acquired by the holders of such
awards. Under the 2012 Non-Employee Plan, the Company
may grant stock options to non-employee directors and consultants
to the Company and its subsidiaries.
Under
the 2012 Non-Employee Plan, stock options may be granted with a
term of up to 10 years at an exercise price equal to or greater
than the fair market value on the date of grant and are exercisable
in whole or in part at 20% per year beginning on the date of grant.
An option granted under the 2012 Non-Employee Plan shall vest in
full upon a “change in control” as defined in the 2012
Non-Employee Plan. At June 30, 2013, no stock options were granted
or exercisable and 50,000 stock options were available for grant
under this plan.
In
December 2002, the stockholders approved the 2002 Employee Stock
Option Plan (the 2002 Plan). The 2002 Plan expired in
October 2012. The 2002 Plan authorized the granting of awards, the
exercise of which would allow up to an aggregate of 1,836,000
shares of the Company's common stock to be acquired by the holders
of such awards. Under the 2002 Plan, the Company may
have granted stock options, which were intended to qualify as
incentive stock options (ISOs), to key employees. Any
plan participant who was granted ISOs and possessed more than 10%
of the voting rights of the Company's outstanding common stock must
have been granted an option with a price of at least 110% of the
fair market value on the date of grant.
Under
the 2002 Plan, stock options have been granted to key employees
with a term of 10 years at an exercise price equal to the fair
market value on the date of grant and are exercisable in whole or
in part at 20% per year from the date of grant. Upon
expiration of the 2002 Plan in October 2012, 1,471,480 stock
options were granted, 651,140 stock options were exercisable and no
further stock options were available for grant under this
plan.
No
options were granted under the 2002 Plan during the years ended
June 30, 2013 or 2012.
The
following table reflects activity under the 2002 Plan for the years
ended June 30,:
729,000
options were exercised during fiscal 2013 and no options were
exercised during fiscal 2012. These exercises were paid for with
399,790 shares of the Company’s common stock, 27,900 of which
were retired upon receipt. Cash received from option
exercises for fiscal 2013 and 2012 was $0 and the actual tax
benefit realized for the tax deductions from option exercises
totaled $26,000 and $0 for these periods, respectively
The
following table summarizes information about stock options
outstanding under the 2002 Plan at June 30, 2013:
As
of June 30, 2013, there was no unearned stock-based compensation
cost related to non-vested share-based compensation arrangements
granted under the 2002 Plan. All options outstanding under the 2002
Plan were vested as of the beginning of the current period;
therefore, the total fair value of the options vested during the
twelve months ended June 30, 2013 under the 2002 Plan was
$0.
In
September 2000, the stockholders approved a 10 year extension of
the already existing 1990 non-employee stock option plan (the 2000
Plan) to encourage non-employee directors and consultants of the
Company to invest in the Company's stock. This plan expired in
September 2010. No further options may be granted under
the 2000 Plan. The 2000 Plan provided for the granting of
non-qualified stock options, the exercise of which would allow up
to an aggregate of 270,000 shares of the Company's common stock to
be acquired by the holders of the stock options. The
2000 Plan provided that the option price will not be less than 100%
of the fair market value of the stock at the date of
grant. Outstanding options are exercisable at 20% per
year and expire five years after the date of
grant. Compensation cost was recognized for the fair
value of the options granted to non-employee directors and
consultants as of the date of grant.
The
following table reflects activity under the 2000 Plan for the years
ended June 30,
As
of June 30, 2013, there was no unearned stock-based compensation
cost related to non-vested share-based compensation arrangements
granted under the 2000 Plan. All options outstanding under the 2000
Plan were vested as of the beginning of the current period;
therefore, the total fair value of the options vested during the
twelve months ended June 30, 2013 under the 2000 Plan was
$0.
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