Note 3 - Stock-based Compensation

3 Months Ended

Sep. 30, 2016

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

NOTE 3 – STOCK-BASED COMPENSATION

At September 30, 2016, the Company has one stock option plan, which is more fully described in Note 14 in the Company’s 2016 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, 2016 and 2015, the Company recognized pre-tax stock-based compensation expense of $1,100 in each respective quarter. Such expense related to options granted during fiscal 2013. The Company has not awarded any new grants in fiscal 2017 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 2016 Annual Report on Form 10-K. As of September 30, 2016, approximately $3,700 of total unrecognized compensation expense related to unvested shares is expected to be recognized over the next 10 months.

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

	For the three months ended
	September 30, 2016				September 30, 2015
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Options outstanding at beginning of period		10,000	$	16.00		10,000	$	16.00
Exercised		-		-		-		-
Granted		-		-		-		-
Options outstanding at end of period		10,000	$	16.00		10,000	$	16.00
Options exercisable at end of period		8,000				6,000

Stock options outstanding and exercisable are summarized below:

As of September 30, 2016
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		5.83	$	16.00	8,000	$	16.00

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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