Stockholders' Equity

12 Months Ended

Jun. 30, 2012

Stockholders' Equity

G. Stockholders’ Equity

Treasury Stock

On June 2, 2011, the Board of Directors authorized the repurchase of up to $2.0 million of our common stock. Under the repurchase plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions. For the year ended June 30, 2011, we purchased 106,023 shares at a weighted average cost of $4.02 per share and a total cost of $426,000, including commissions and fees. During the year ended June 30, 2012, we purchased an additional 75,026 shares at a weighted average cost of $5.39 per share and a total cost of $405,000, including commissions and fees.

Stock Option Plans

On December 6, 1999, our stockholders approved the adoption of the 1999 Omnibus Equity Incentive Plan (the “1999 Plan”). The 1999 Plan was terminated effective as of November 30, 2009.

Effective as of October 15, 2009, our Board of Directors approved an omnibus incentive plan (the “2009 Plan”). The 2009 Plan was approved by our stockholders at the Annual Meeting of Stockholders held on November 30, 2009. Under the plan, we may grant nonqualified and incentive stock options and other stock-based awards to employees, non-employee directors and consultants. As of June 30, 2012, a total of 700,000 shares of common stock were reserved under the 2009 Plan for issuance to our employees, non-employee directors and consultants.

Stock option activity for the year ended June 30, 2012 was as follows:

	1999 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2011		396,750		$	8.32
Exercised		—		$	0.00
Forfeited		(81,750	)	$	8.48
Granted		—		$	0.00
Outstanding at June 30, 2012		315,000		$	8.28		1.33	$	77,000
Vested and exercisable at June 30, 2012		315,000					1.33	$	77,000
Available for grant at June 30, 2012		—

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2011		230,000		$	6.89
Exercised		—		$	0.00
Forfeited		(3,300	)	$	7.50
Granted		—		$	0.00
Outstanding at June 30, 2012		226,700		$	6.88		7.59	$	189,000
Vested and exercisable at June 30, 2012		78,200					7.61	$	64,362
Available for grant at June 30, 2012		473,300