Employee Stock Ownership Plan

6 Months Ended

Dec. 31, 2013

EmployeeStockOwnershipPlanAbstract

Employee Stock Ownership Plan

Note 6. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as Unearned ESOP Shares in the statement of financial position. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $153,236 and $132,751 for the three-month periods ended December 31, 2013 and 2012, respectively. ESOP compensation expense was $283,663 and $272,453 for the six-month periods ended December 31, 2013 and 2012, respectively.

The ESOP shares as of December 31, 2013 and 2012 were as follows:

	December 31, 2013		December 31, 2012
Allocated Shares		469,338		453,091
Committed-to-be-released shares		9,583		10,000
Unreleased shares		107,083		126,666
Total shares held by the ESOP		586,004		589,757
Fair value of unreleased shares	$	3,495,189	$	3,191,983