Note 6 - Long-Term Incentive Award

9 Months Ended

Mar. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 6 - Long-Term Incentive Award

During the nine months of fiscal 2012, we issued 1.0 million performance units, comprised 50% of cash and 50% of phantom shares of our common stock, to certain employees.  Each unit has a $1.00 assigned value and the number of phantom shares of common stock attributable to each award was determined based on the fair market value of our common stock on the date of grant, which was either $1.725 or $1.975 per share.  The units earned (or to be earned) during the performance cycle (July 1, 2011 through June 30, 2013) vary from 0% to 200% of the units awarded based on our basic earnings per share for each of the two fiscal years ending June 30, 2012 and June 30, 2013, respectively, excluding the effects of accounting principles changes, extraordinary items, recognized capital gains and losses and, as determined by our board of directors (the “Board”), one-time, non-operating items.  Assuming continued employment, if, at the end of the two-year performance cycle, at least the threshold performance level has been achieved, the performance units will cliff vest and all such performance units, including those comprised of phantom shares of our common stock, to the extent earned, will generally be settled in cash (if shares are available under our benefit plans, the Board may, in its discretion, settle the phantom shares attributable to an award in shares of our common stock).  Notwithstanding the foregoing, (i) if there is a change in control, 100% of the phantom units awarded to employees vest and, (ii) upon death, disability, or normal (age 65) or early (age 55 and 15 years service) retirement of an employee who has been awarded such performance units, a fraction of such performance units earned by such employee vest based on the number of years employed during the performance cycle.  As of March 31, 2012, we expect 439,000 of the 1.0 million units granted to vest (60,000 units were forfeited), which, based on a combination of (A) $1.00 value per performance unit (for the portion comprised in cash) and (B) the market price of our common stock on March 31, 2012 (for the portion comprised in phantom shares of our common stock), would be payable in cash equal to $407,000.