STOCK BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2012

Options Outstanding

Options outstanding at September 30, 2012 were as follows:

	Outstanding				Exercisable
			Weighted				Weighted
Range of			Average				Average
Exercise			Remaining				Exercise
Price	Number		Life		Number		Price
$1.79 to $4.42		561,100		8.05		248,340	$	2.29
$8.32 to $13.64		177,456		2.30		195,494		11.05
Total		738,556		6.67		443,834	$	6.15

Summary of Stock-Based Compensation Activity

A summary of stock-based compensation activity for the three months ended September 30, 2012 is as follows:

	Three months ended
	September 30, 2012
	Total options outstanding
				Weighted-
				Average
				Exercise
	Shares			Price
Options outstanding, beginning of period		740,256		$	4.15
Forfeited		(7,200	)		3.06
Expired		(4,500	)		10.64
Exercised		—			—
Granted		10,000			1.96
Options outstanding, end of period		738,556		$	4.28
Options exercisable, end of period		443,834			6.15

Weighted Average Assumptions Used in Determining Fair Value for Options Granted

The fair value for stock options granted during the three months ended September 30, 2012, which consisted of individual grants in July and August 2012, were determined at the date of grant using a Black-Scholes options-pricing model and the following assumptions:

	September 30
	2012
Expected weighted average risk-free interest rate		0.81	%
Expected weighted average life (in years)		6.00
Expected volatility		60.00	%
Expected dividend yield		0.00	%

Summary of Changes in Restricted Stock

A summary of changes in the Company’s restricted shares for the three months ended September 30, 2012 is as follows:

				Weighted-
				Average
				Grant-Date
Nonvested Shares	Shares			Fair Value
Nonvested at July 1, 2012		162,333		$	303,537
Granted		77,937			157,432
Vested		(48,000	)		(90,240	)
Forfeited		—			—
Nonvested at September 30, 2012		192,270		$	370,729