Employee Stock Purchase Plan

6 Months Ended

Dec. 31, 2011

Employee Stock Purchase Plan

Employee Stock Purchase Plan

Note 13.   Employee Stock Purchase Plan

In February 2003, the Company’s shareholders approved an Employee Stock Purchase Plan (“ESPP”).  Employees eligible to participate in the ESPP may purchase shares of the Company’s stock at 85% of the lower of the fair market value of the common stock on the first day of the calendar quarter, or the last day of the calendar quarter.  Under the ESPP, employees can authorize the Company to withhold up to 10% of their compensation during any quarterly offering period, subject to certain limitations.  The ESPP was implemented on April 1, 2003 and is qualified under Section 423 of the Internal Revenue Code.  The Board of Directors authorized an aggregate total of 1,125,000 shares of the Company’s common stock for issuance under the ESPP.  As of December 31, 2011, 300,584 shares have been issued under the ESPP.  Compensation expense of $9,170 and $11,793 relating to the ESPP was recognized for the three months ended December 31, 2011 and 2010, respectively. Compensation expense of $18,677 and $24,292 relating to the ESPP was recognized for the six months ended December 31, 2011 and 2010, respectively.