Stockholders' Equity

6 Months Ended

Dec. 31, 2013

Stockholders' Equity [Abstract]

Stockholders' Equity

4. Stockholders’ Equity

Stock Based Compensation

We recorded stock-based compensation of $115,000 and $284,000 for the three and six months ended December 31, 2013, and $129,000 and $272,000 for the three and six months ended December 31, 2012.

The following is a summary of option activity for our stock option plans:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at June 30, 2013		1,063,750		$	2.36
Granted		48,750		$	1.39
Forfeited		(6,750	)	$	2.21
Expired		(158,750	)	$	3.67
Outstanding at December 31, 2013		947,000		$	2.09		1.9	$	27,000
Vested and Expected to Vest at December 31, 2013		861,767		$	2.04		1.8	$	21,000
Exercisable at December 31, 2013		602,214		$	2.41		1.6	$	7,000

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. There were no options exercised during the six months ended December 31, 2013 and 2012.

Common Stock Restricted Awards

The following is a summary of restricted stock activity during the six months ended December 31, 2013:

	Number of Shares			Weighted Average Grant Date Fair Value
Balance at June 30, 2013		390,003		$	1.81
Granted		--			--
Vested		(164,998	)	$	1.93
Forfeited		(33,334	)	$	1.81
Outstanding at December 31, 2013		191,671		$	1.70

In connection with the vesting of the restricted stock awards, the election was made by some of the employees to satisfy the applicable federal income tax withholding obligation by a net share settlement, pursuant to which the Company withheld 57,680 shares and used the deemed proceeds from those shares to pay the income tax withholding. The net share settlement is deemed to be a repurchase by the Company of its common stock.