Stock Based Compensation (Tables)

3 Months Ended

Sep. 30, 2013

Stock Based Compensation Tables

Schedule of weighted average assumptions for option awards

The table below outlines the weighted average assumptions that the Company used to calculate the fair value of the option award for the three months ended September 30, 2013. There were no options awarded for the three months ended September 30, 2012.

	September 30, 2013
Dividend yield		3.67%
Expected stock price volatility		25.31%
Risk-free interest rate		1.23%
Expected option life (in years)		3.8 yrs
Weighted average fair value per share of options granted during the period	$	3.777

Schedule of stock option activity

The following table summarizes stock option activity during the three months ended September 30, 2013:

	Employee Stock Options Plan
						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining		Aggregate
	Subject			Exercise		Contractual		Intrinsic
	To Options			Price		Term		Value
Balance at July 1, 2013		159,250		$	21.12		6.30
Granted		31,600		$	27.22		9.89
Exercised		(8,570	)	$	19.41		—
Forfeited or expired		—			—		—
Outstanding at September 30, 2013		182,280		$	22.26		6.74	$	1,155,976
Vested or expected to vest at September 30, 2013		174,284		$	22.08		6.62	$	1,136,797
Exercisable at September 30, 2013		121,330		$	20.26		5.45	$	1,011,991

Schedule of changes in non-vested stock options

The following table summarizes changes in non-vested stock options during the three months ended September 30, 2013:

	Weighted Number			Average Grant
	of Shares			Date Fair
	Subject to Option			Value (per Option)
Non-Vested at July 1, 2013		57,950		$	4.321
Granted		31,600		$	3.777
Vested		(28,600	)	$	4.757
Forfeited or expired		—			—
Non-Vested at September 30, 2013		60,950		$	3.834