Note 3 - Stock-based Compensation

3 Months Ended

Sep. 30, 2014

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, 2014, the Company has one stock option plan, which is more fully described in Note 14 in the Company’s 2014 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, 2014 and 2013, 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 2015 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 2014 Annual Report on Form 10-K.  As of September 30, 2014, approximately $13,000 of total unrecognized compensation expense related to unvested shares is expected to be recognized over the next 34 months.

Stock option activity for the periods indicated is summarized in the following table:

	For the three months ended
	September 30, 2014					September 30, 2013
	Shares		Weighted Average Exercise Price			Shares		Weighted Average Exercise Price
Options outstanding at beginning of period		10,000		$	16.00		22,297		$	13.91
Exercised		-			-		-			-
Granted		-			-		-			-
Options outstanding at end of period		10,000		$	16.00		22,697		$	13.91
Options exercisable at end of period		4,000					14,697

Stock options outstanding and exercisable are summarized below:

		As of September 30, 2014
		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
$16.00	-	$16.00	10,000	7.83	$     16.00	4,000	$     16.00