Note 3 - Stock-based Compensation

3 Months Ended

Sep. 30, 2013

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

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

NOTE 3 – STOCK-BASED COMPENSATION

At September 30, 2013, the Company has one stock option plan, which is more fully described in Note 14 in the Company’s 2013 Annual Report on Form 10-K.  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.

During the quarters ended September 30, 2013 and 2012, the Company recognized pre-tax stock-based compensation expense of $1,000 in each respective quarter. Such expense related to options granted during fiscal 2013.  The Company has not awarded any new grants in fiscal 2014 and has calculated the stock-based compensation expense based upon the original grant date fair value as allowed under ASC 718.  The valuation variables utilized at the grant dates are discussed in the Company’s 2013 Annual Report on Form 10-K, the year of the original grant.  As of September 30, 2013, approximately $17,000 of total unrecognized compensation expense related to unvested shares is expected to be recognized over the next 46 months.

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

	Three months ended
	September 30, 2013				September 30, 2012
	Shares		Weighted Average  Exercise Price		Shares			Weighted Average  Exercise Price
Options outstanding at the beginning of period		22,697	$	13.91		26,240		$	12.19
Granted		-		-		10,000			16.00
Exercised		-		-		(13,543	)		12.13
Canceled/expired		-		-		-			-
Options outstanding at end of period		22,697	$	13.91		22,697		$	13.91
Options exercisable at end of period		14,697				12,697

As of September 30, 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	0.29	$	12.26		12,697	$	12.26
	16.00	-		16.00		10,000	8.83		16.00		2,000		16.00
$	9.96	-	$	16.00		22,697	4.05	$	13.91		14,697	$	12.77