Note 3 - Stock-based Compensation

9 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 3 – STOCK-BASED COMPENSATION

At March 31, 2013, the Company has one stock option plan, which is more fully described in Note 14 in the Company’s 2012 Annual Report on Form 10-K. During the first quarter of fiscal 2013 the Company issued a grant for 10,000 shares. Pursuant to ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) compensation expense is recognized over the requisite service period using the fair-value based method for all new awards calculated at the grant date  As allowed per ASC 718, the fair value of this grant is estimated on the grant date using the Black-Scholes option pricing model with these assumptions:

Risk free interest rate	1.60	%
Option life (in years)	10
Dividend yield	7.04	%
Volatility	32.68	%

During the nine months ended March 31, 2013, the Company recognized pre-tax stock-based compensation expense of $4,000 compared to none recognized during the first nine months of fiscal 2012. As of March 31, 2013, approximately $19,000 of total unrecognized compensation expense related to unvested shares is expected to be recognized over the next 52 months.

The following table summarizes the stock option activity for the periods indicated:
 

	For the nine months ended
	March 31, 2013					March 31, 2012
	Shares			Weighted Average  Exercise Price		Shares			Weighted Average  Exercise Price
Options outstanding at beginning of period		26,240		$	12.19		42,327		$	12.17
Exercised		(13,543	)		12.13		( 2,886	)		12.13
Granted		10,000			16.00		-			-
Options outstanding at end of period		22,697		$	13.91		39,441		$	12.17
Options exercisable at end of period		12,697					39,441

			As of March 31, 2013
			Options Outstanding							Options Exercisable
Range of Exercise prices				Number Outstanding		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
	$  9.96	-	12.49		12,697		0.79	$	12.26		12,697	$	12.26
	16.00	-	16.00		10,000		9.33		16.00		-		-
	$  9.96	-	16.00		22,697		4.55	$	13.91		12,697	$	12.26