Employee Stock Purchase Plan

9 Months Ended

Mar. 31, 2012

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 March 31, 2012, 319,419 shares have been issued under the ESPP.  Compensation expense of $26,736 and $24,292 relating to the ESPP was recognized for the three months ended March 31, 2012 and 2011, respectively. Compensation expense of $45,414 and $48,584 relating to the ESPP was recognized for the nine months ended March 31, 2012 and 2011, respectively.