Stock Based Compensation

12 Months Ended

Jun. 30, 2016

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

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

7. Stock Based Compensation

The Company has established a 1999 Incentive Stock Plan and a 2009 Incentive Stock Plan (collectively the “Employee Plans”). The Employee Plans provide for the granting of options to the Company's executive officers and key employees to purchase shares of common stock at prices equal to the fair market value of the stock on the date of grant. Options to purchase up to 1,600,000 shares of common stock may be granted under the Employee Plans. Options generally become exercisable ratably over a four year period or one-fourth of the shares covered thereby on each anniversary of the date of grant, commencing on the first or second anniversary of the date granted. The right to exercise the options generally expires in ten years from the date of grant, or earlier if an option holder ceases to be employed by the Company.

In addition, the Company has established a 2005 Directors Non-Qualified Stock Option Plan and a 2013 Incentive Plan for Non-Employee Directors (collectively the “Directors Plans”). The Directors Plans provide for the granting of options to the Company's directors who are not employees of the Company to purchase shares of common stock at prices equal to the fair market value of the stock on the date of grant. Options to purchase up to 150,000 shares of common stock may be granted under the Directors Plans. Options shall become exercisable with respect to one-fourth of the shares covered thereby on each anniversary of the date of grant, commencing on the second anniversary of the date granted, except for certain options which become exercisable with respect to all of the shares covered thereby one year after the grant date. The right to exercise the options expires in ten years from the date of grant, or earlier if an option holder ceases to be a director of the Company.

Upon stock-settled compensation exercises and awards, the Company issues new shares of common stock.

A summary of stock option transactions in fiscal 2014, 2015 and 2016, respectively, pursuant to the Employee Plans and the Directors Plans is as follows:

					Weighted
					Average
			Weighted		Remaining		Aggregate
			Average		Contractual		Intrinsic
	Shares		Exercise Price		Term (years)		Value
June 30, 2013		472,500	$	4.34
Options Granted		6,000	$	2.31
Options Exercised		0	$	0.00
Options Forfeited or Expired		(12,500)	$	4.74
June 30, 2014		466,000	$	4.30		2.3	$	660
Options Granted		6,000	$	1.58
Options Exercised		0	$	0.00
Options Forfeited or Expired		(49,000)	$	4.80
June 30, 2015		423,000	$	4.20		1.3	$	-
Options Granted		6,000	$	1.17
Options Exercised		0	$	0.00
Options Forfeited or Expired		(329,000)	$	4.28
June 30, 2016		100,000	$	3.78		4.5	$	-
Exercisable at June 30, 2016		94,000	$	3.95		4.2	$	-

 

The following table provides additional information for options outstanding and exercisable at June 30, 2016:

Options Outstanding

Range of Exercise Prices		Number		Weighted Average Remaining Life	Weighted Average Exercise Price
	1.17 - 3.49		24,000	7.9 years	$	1.91
	3.50 - 3.50		30,000	5.2 years	$	3.50
	3.51 - 6.73		46,000	2.3 years	$	4.93
$	1.17 - 6.73		100,000	4.5 years	$	3.78

Options Exercisable

Range of Exercise Prices		Number		Weighted Average Exercise Price
	1.17 - 3.49		18,000	$	2.16
	3.50 - 3.50		30,000	$	3.50
	3.51 - 6.73		46,000	$	4.93
$	1.17 - 6.73		94,000	$	3.95

See Note 2 for discussion of accounting for stock awards and related fair value disclosures.