Stock Based Compensation (Tables)

9 Months Ended

Mar. 31, 2013

Options Outstanding

Options outstanding at March 31, 2013 were as follows:

	Outstanding				Exercisable
Range of Exercise Price	Number		Weighted- Average Remaining Life		Number		Weighted- Average Exercise Price
$1.39 to $4.42		694,800		8.42		286,653	$	2.20
$8.32 to $12.4		141,221		2.36		141,221	$	8.45
Total		836,021		7.39		427,874	$	4.53

Summary of Stock-Based Compensation Activity

A summary of stock-based compensation activity for the current fiscal year is as follows:

	Three months ended March 31, 2013 Total options outstanding					Nine months ended March 31, 2013 Total options outstanding
	Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price
Options outstanding, beginning of period		901,021		$	3.54		740,256		$	4.15
Forfeited		—			0.00		(42,800	)		2.01
Expired		—			0.00		(40,435	)		8.63
Exercised		(65,000	)		1.80		(105,000	)		1.84
Granted		—			0.00		284,000			2.26
Options outstanding, end of period		836,021		$	3.67		836,021		$	3.67
Options exercisable, end of period		427,874		$	4.53		427,874		$	4.53

Weighted Average Assumptions Used in Determining Fair Value for Options Granted

The fair value for stock options granted during the nine months ended March 31, 2013, were determined at the date of grant using a Black-Scholes options-pricing model and the following assumptions:

	March 31, 2013
Expected weighted average risk-free interest rate		0.83	%
Expected weighted average life (in years)		6.00
Expected volatility		56.75	%
Expected dividend yield		0.00	%

Summary of Changes in Restricted Shares

A summary of changes in the Company’s restricted shares for the nine months ended March 31, 2013 is as follows:

Nonvested Shares	Shares			Weighted- Average Grant-Date Fair Value
Nonvested at July 1, 2012		162,333		$	303,537
Granted		77,937			157,433
Vested		(54,666	)		(102,173	)
Forfeited		(18,402	)		(36,022	)
Nonvested at March 31, 2013		167,202		$	322,775