Note H - Stockholders' Equity

12 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

H. 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, 2013, we purchased 132,132 shares at a weighted average cost of $5.32 per share and a total cost of $703,000, including commissions and fees. During the twelve months ended June 30, 2014, we purchased 5,100 shares at a weighted average cost of $4.55 per share and a total cost of $23,000 including commissions and fees.

During fiscal 2014 we acquired 6,701 shares from employees in connection with restricted stock shares that vested during the year. These shares were returned to the Company by the related employees and in return the Company paid each employee’s required tax withholding. The valuation of the shares acquired and thereby the amount of shares returned to the Company was calculated based on the closing share price on the date the shares vested.

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, 2014, a total of 900,000 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, 2014 was as follows:

	1999 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2013		160,000		$	7.73
Exercised		—			—
Forfeited		(150,000	)	$	7.57
Granted		—		$	—
Outstanding at June 30, 2014		10,000		$	10.19		0.31	$	—
Vested and exercisable at June 30, 2014		10,000		$	10.19		0.31	$	—
Available for grant at June 30, 2014		—

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2013		223,350		$	6.87
Exercised		—		$	—
Forfeited		(33,331	)	$	7.50
Granted		—		$	—
Outstanding at June 30, 2014		190,019		$	6.76		5.43	$	70,000
Vested and exercisable at June 30, 2014		190,019		$	6.76		5.43	$	70,000

Restricted stock activity for the year ended June 30, 2014 was as follows (2009 Plan):

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at June 30, 2013		98,000		$	4.74
Granted		105,000		$	5.56
Vested		(29,720	)	$	4.76
Forfeited		(10,000	)	$	4.53
Nonvested at June 30, 2014		163,280		$	5.28

As of June 30, 2014, there were 523,682 shares available for grant under the 2009 Plan.