STOCK-BASEDCOMPENSATION

3 Months Ended

Sep. 30, 2012

STOCK-BASEDCOMPENSATION

NOTE 7. STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation. Stock-based compensation expense is recorded for the cost of stock options. Stock-based compensation expense for the three months ended September 30, 2012, was $7,710, compared to $9,660 in the corresponding period in fiscal 2012. As of September 30, 2012, and 2011, respectively, there was approximately $9,557 and $41,083 of total unrecognized share-based compensation cost related to share-based compensation granted under the plans that will be recognized over the remainder of their respective vesting periods.

Stock compensation plans

The Company’s stock option plans provide for the granting of class A shares as either incentive or nonqualified stock options to employees and non-employee directors. Options are subject to terms and conditions determined by the Compensation Committee of the Board of Directors. The following table summarizes information about the Company’s stock option plans for the three months ended September 30, 2012.

	Number of Options		Weighted Average Exercise Price
Options outstanding, beginning of year		29,000	$	17.03
Granted		-		-
Exercised		-		-
Forfeited		-		-
Options outstanding, end of period		29,000	$	17.03
Options exercisable, end of period		25,000	$	18.71