Employee Benefits

12 Months Ended

Jun. 30, 2012

Employee Benefits [Abstract]

Employee Benefits

5. Employee Benefits

The Company’s employees are offered health coverage under a partially self-funded plan in which the Company purchases specific stop-loss insurance coverage at $60,000 per year, per employee. The Company has also purchased an aggregate stop-loss insurance coverage to limit its maximum annual exposure to claims funded. Based on the policy census at July 1, 2012, such maximum annual exposure for the policy year ending June 30, 2013 is approximately $2.7 million. The Company pays a fixed fee per covered individual for administrative costs of the administrator and the cost of the stop-loss insurance purchased on the Company’s behalf. The Company contributes 100% toward the cost to insure each employee and more than 75% toward the cost to insure dependents for which coverage is requested by the employee. Expenses for the partially self-funded plan including premiums and claims funded for the years ended June 30, 2010, 2011 and 2012 were approximately $1.7 million, $1.5 million, and $2.3 million, respectively.

The Company has a 401(k) retirement plan which is available to all domestic, full-time employees. The Company’s expenses related to the plan were not significant in the years ended June 30, 2010, 2011 or 2012. In fiscal years 2010, 2011 and 2012, the Company funded a matching contribution of 10% of participant contributions made during calendar years 2009, 2010 and 2011 for all participants employed by the Company on December 31, 2009, 2010 and 2011. The amount expensed related to the match was approximately $122,000, $125,000 and $122,000 for the fiscal years ended June 30, 2010, 2011 and 2012, respectively.