Note 14 - Capital Structure and Stock-based Compensation

12 Months Ended

Jun. 30, 2015

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

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

Note 14 – Capital Structure and Stock-based Compensation:

At June 30, 2015, the Company has 20,000,000 authorized shares of common stock and is authorized to issue 2,500,000 shares of preferred stock, from time to time, in one or more series and to fix the voting powers, designations, preferences and the relative participating, optional or other rights, if any, of any wholly unissued series of preferred stock.

In November 1995, the Company’s stockholders approved the 1995 Equity Participation Plan (the “1995 Plan”). The 1995 Plan provides for the granting of options, restricted stock and stock appreciation rights (“SARs”) to key employees, directors and consultants of the Company. Under the 1995 Plan, the maximum number of shares of common stock that can be issued upon the exercise of options or SARs, or upon the vesting of restricted stock awards, was initially 1,000,000, but the maximum number of available shares of common stock could increase by an amount equal to 1% of the total number of issued and outstanding shares of common stock as of June 30 of the fiscal year immediately preceding such fiscal year. Each grant or issuance under the 1995 Plan is set forth in a separate agreement and indicates, as determined by the stock option committee, the type, terms, vesting period and conditions of the award.

There were no option grants in fiscal years 2015 and 2014. In fiscal year 2013, the Company issued a grant for 10,000 shares. The fair value of each grant is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in 2013.

Risk free interest rate	1.60	%
Option life (in years)	10
Dividend yield	7.04	%
Volatility	32.68	%
Fair value	2.21

The Company recognized stock-based compensation expense for the years ended June 30, 2015 and 2014 and 2013 of $4,400, $4,400 and $4,100, respectively. As of June 30, 2015, the Company had $9,200 of unrecognized stock-based compensation expense to be recognized over the next 25 months.

The following table summarizes activity related to stock options for the periods indicated:

	June 30,
	2015				2014					2013
	Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding at beginning of period		10,000	$	16.00		22,697		$	13.91		26,240		$	12.19
Exercised		-		-		(12,697	)		12.26		(13,543	)		12.13
Granted		-		-		-			-		10,000			16.00
Options outstanding at end of period		10,000	$	16.00		10,000		$	16.00		22,697		$	13.91
Options exercisable at end of period		4,000				2,000					12,697
Shares available for issuance		2,115,246				2,010,647					1,906,175

As of June 30, 2015
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		7.08		$16.00		4,000		$16.00

At June 30, 2015, the aggregate intrinsic value of options outstanding and options exercisable was $0. There were no options exercised during the year ended June 30, 2015. The total intrinsic value of options exercised during the year ended June 30, 2014 and 2013 was $35,496 and $50,809, respectively.