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Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The income tax expense (benefit) for the years ended June 30, 2013, 2012, and 2011 consists of the following (in thousands):
 
2013
 
2012
 
2011
Income / (Loss) Before Income Taxes:
 
 
 
 
 
Domestic
$
11,250

 
$
14,556

 
$
(50,535
)
International
(97
)
 
116

 
(165
)
 
$
11,153

 
$
14,672

 
$
(50,700
)
Current Taxes:
 
 
 
 
 
Federal
$
4,087

 
$
3,758

 
$
—

State
383

 
1,121

 
92

Foreign
(33
)
 
47

 
—

Total Current Income Tax Provision
$
4,437

 
$
4,926

 
$
92

Deferred Taxes:
 
 
 
 
 
Federal
(706
)
 
(2,110
)
 
—

State
(77
)
 
(601
)
 
—

Foreign
(109
)
 
(12
)
 
—

Total Deferred Income Tax Provision
$
(892
)
 
$
(2,723
)
 
$
—

Net Income Tax Provision
$
3,545

 
$
2,203

 
$
92
The effective income tax rate differs from the U.S. Federal statutory income tax rate
The effective income tax rate for the years ended June 30, 2013 , 2012 and 2011 differs from the U.S. Federal statutory income tax rate due to the following:
 
2013
 
2012
 
2011
Federal statutory income tax rate
35.00
 %
 
35.00
 %
 
(34.00
)%
State income taxes, net of federal benefit
1.76
 %
 
5.50
 %
 
0.24
 %
Tax return to provision true-up
(2.51
)%
 
(1.01
)%
 
(1.35
)%
Permanent differences:
 
 
 
 
 
— interest on convertible debt
0.00
 %
 
0.00
 %
 
3.44
 %
— change in derivative liability
0.00
 %
 
16.14
 %
 
32.44
 %
— stock option compensation
0.78
 %
 
0.30
 %
 
0.21
 %
       — domestic production activities deduction
(2.73
)%
 
0.00
 %
 
0.00
 %
       — credit for increasing research activities
(0.67
)%
 
0.00
 %
 
0.00
 %
— other
0.08
 %
 
(0.44
)%
 
0.12
 %
Decrease in valuation allowance
0.00
 %
 
(39.45
)%
 
(0.91
)%
Net income tax provision (benefit)
31.71
 %
 
16.04
 %
 
(0.18
)%
The components of the deferred tax assets and liabilities
The components of the deferred tax assets and liabilities as of June 30, 2013 and 2012 are as follows (in thousands):
 
2013
 
2012
Deferred tax assets:
 
 
 
Federal, state, and foreign net operating loss carryovers
$
1,768

 
$
2,453

Stock option compensation
1,212

 
988

Accrued vacation, allowance for returns, bonuses & other
2,493

 
600

Gross deferred tax asset
$
5,473

 
$
4,041

 
 
 
 
Deferred tax liabilities:
 
 
 
Patents and trademarks
(536
)
 
(587
)
Change in tax accounting methods
(297
)
 
(44
)
Property & equipment
(824
)
 
(540
)
Gross deferred tax liabilities
(1,657
)
 
(1,171
)
Less: valuation allowance
(201
)
 
(147
)
Deferred tax assets, net
$
3,615

 
$
2,723