Note 13 - Common Stock

12 Months Ended

Jun. 30, 2012

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

13. COMMON STOCK

Class B common stock is identical to Class A except that it has 10 votes per share, is generally nontransferable except to lineal descendants, cannot receive more dividends than Class A, and can be converted to Class A at any time. Class A common stock is entitled to elect 25% of the directors to be elected at each meeting with the remaining 75% being elected by Class A and Class B voting together. 

Under the Company’s Employee Stock Purchase Plans (ESPP), the purchase price of the optioned stock is 85% of the lower of the market price on the date the option is granted or the date it is exercised. Options become exercisable exactly two years from the date of grant and expire if not exercised on such date. No options were exercisable at fiscal year ends. A summary of option activity is as follows:

	Shares On Option			Weighted Average Exercise Price		Shares Available For Grant
Balance, June 27, 2009		61,347					661,221
Options granted		24,330		$	8.73		(24,330	)
Options exercised		(2,937	)		7.88		-
Options canceled		(21,656	)				21,656
Balance, June 26, 2010		61,084					658,547
Options granted		69,078			8.99		(69,078	)
Options exercised		(33,098	)		7.65
Options canceled		(23,055	)				23,055
Balance, June 30, 2011		74,009					612,524
Options granted		61,815			9.87		(61,815	)
Options exercised		(9,290	)		8.73
Options canceled		(24,044	)				24,044
2002 plan expired		-					(222,568	)
Balance, June 30, 2012		102,490					352,185

The 2007 plan shares available for grant totaling 352,185 expire on October 3, 2012.

The following information relates to outstanding options as of June 30, 2012:

Weighted average remaining life (yr.s)	1.1
Weighted average fair value on grant date of options granted in:
2010	$	4.59
2011		3.01
2012		3.32

The fair value of each option grant was estimated on the date of grant based on the Black-Scholes option pricing model with the following weighted average assumptions: expected volatility – 36.2 – 38.7%, interest – 0.6 – 0.7%, and expected lives - 2 years. Compensation expense of $171,400, $62,100 and $66,800 has been recorded for fiscal 2012, 2011 and 2010, respectively.