Note H - Stockholders' Equity

12 Months Ended

Jun. 30, 2016

Notes to Financial Statements

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. On February 6, 2015, the Board of Directors authorized a $1.0 million increase to our stock repurchase plan bringing the total authorized repurchase amount to $3.0 million. On May 11, 2015, the Board of Directors authorized a $2.0 million increase to our stock repurchase plan bringing the total authorized repurchase amount to $5.0 million. 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. During the twelve months ended June 30, 2016, we purchased 52,603 shares at a weighted average cost of $6.26 per share and a total cost of $0.3 million including commissions and fees. During the twelve months ended June 30, 2015, we purchased 342,121 shares at a weighted average cost of $5.63 per share and a total cost of $1.9 million including commissions and fees.

During fiscal 2016 we acquired 27,195 shares from employees in connection with restricted stock shares that vested during the year and during fiscal 2015 we acquired 17,540 shares in connection with restricted stock shares that vested during that 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, and there are no more options outstanding under this plan.

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, 2016, a total of 1.1 million 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, 2016 was as follows:

	2009 Plan			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at June 30, 2015		185,000		$	6.74
Exercised		—		$	—
Forfeited		(45,000	)	$	7.90
Granted		—		$	—
Outstanding at June 30, 2016		140,000		$	6.36		4.58	$	805,000
Vested and exercisable at June 30, 2016		140,000		$	6.36		4.58	$	805,000

Restricted stock activity for the year ended June 30, 2016 was as follows (2009 Plan):

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at June 30, 2015		204,134		$	5.42
Granted		208,000		$	9.86
Vested		(99,146	)	$	5.31
Forfeited		(2,667	)	$	5.51
Nonvested at June 30, 2016		310,321		$	8.43

As of June 30, 2016, there were 508,104 shares available for grant under the 2009 Plan.