STOCK BASED COMPENSATION PLANS

6 Months Ended

Dec. 31, 2015

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

STOCK BASED COMPENSATION PLANS

12. STOCK BASED COMPENSATION PLANS

STOCK OPTIONS

The fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for options granted during:

	Six months ended
	December 31,
	2015		2014
Expected volatility		63-66%		79%
Expected life		4 - 4.5 years		7 years
Expected dividends		0.00%		0.00%
Risk-free interest rate		1.34-1.49%		2.04%

Stock based compensation related to stock options for the six months ended December 31, 2015 and 2014 was $207 thousand and $154 thousand, respectively. Unrecognized compensation related to stock option grants as of December 31, 2015 was $189 thousand.

Changes in outstanding stock options for the three months ended December 31, 2015 and 2014 consisted of the following:

	For the three months ended December 31,
	2015						2014
	Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Options outstanding, beginning of period		658,474	$	2.14	$	1.41		448,888	$	1.87	$	1.33
Granted		-	$	-	$	-		-	$	-	$	-
Forfeited		-	$	-	$	-		-	$	-	$	-
Expired		-	$	-	$	-		-	$	-	$	-
Exercised		-	$	-	$	-		-	$	-	$	-
Options outstanding, end of period		658,474	$	2.14	$	1.41		448,888	$	1.87	$	1.33

Changes in outstanding stock options for the six months ended December 31, 2015 and 2014 consisted of the following:

	For the six months ended December 31,
	2015						2014
	Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Options outstanding, beginning of period		538,888	$	1.86	$	1.33		120,000	$	2.05	$	1.49
Granted		119,586	$	3.38	$	1.77		328,888	$	1.80	$	1.27
Forfeited		-	$	-	$	-		-	$	-	$	-
Expired		-	$	-	$	-		-	$	-	$	-
Exercised		-	$	-	$	-		-	$	-	$	-
Options outstanding, end of period		658,474	$	2.14	$	1.41		448,888	$	1.87	$	1.33

Changes in unvested stock options for the three months ended December 31, 2015 and 2014 consisted of the following:

	For the three months ended December 31,
	2015					2014
	Options			Weighted Average Grant Date Fair Value		Options		Weighted Average Grant Date Fair Value
Unvested options, beginning of period		456,251		$	1.46		448,888	$	1.33
Granted		-		$	-		-	$	-
Vested		(60,000	)	$	1.27		-	$	-
Forfeited		-		$	-		-	$	-
Unvested options, end of period		396,251		$	1.49		448,888	$	1.33

Changes in unvested stock options for the six months ended December 31, 2015 and 2014 consisted of the following:

	For the six months ended December 31,
	2015					2014
	Options			Weighted Average Grant Date Fair Value		Options		Weighted Average Grant Date Fair Value
Unvested options, beginning of period		505,553		$	1.32		120,000	$	1.49
Granted		119,586		$	1.77		328,888	$	1.27
Vested		(228,888	)	$	1.27		-	$	-
Forfeited		-		$	-		-	$	-
Unvested options, end of period		396,251		$	1.49		448,888	$	1.33

Exercise prices of stock options outstanding as of December 31 and June 30, 2015 consisted of the following:

	December 31, 2015				June 30, 2015
	(unaudited)
Range of Exercise Prices	Options Outstanding		Options Exercisable		Options Outstanding		Options Exercisable
$1.62 to $1.68		75,000		-		75,000		-
$1.80		328,888		228,888		328,888		-
$2.05		100,000		33,335		100,000		33,335
$2.09		10,000		-		10,000		-
$2.75		25,000		-		25,000		-
$3.38		119,586		-		-		-
		658,474		262,223		538,888		33,335

	December 31, 2015				June 30, 2015
	(unaudited)
($ in thousands, except per share price  and number of options)	Options Outstanding		Options Exercisable		Options Outstanding		Options Exercisable
Number of stock options		658,474		262,223		538,888		33,335
Weighted average exercise price	$	2.14	$	1.83	$	1.86	$	2.05
Aggregate intrinsic value	$	619	$	328	$	451	$	22
Weighted average contractual life		5.86		5.63		6.21		5.97
Share price	$	3.08	$	3.08	$	2.70	$	2.70

STOCK GRANTS

The Company’s nonvested common shares as of December 31, 2015, and changes during the period then ended consisted of the following:

				Weighted-Average
				Grant-Date
	Shares			Fair Value
Nonvested at June 30, 2015		18,604		$	1.88
Granted		131,558			3.04
Vested		(21,664	)		2.70
Nonvested at September 30, 2015		128,498			2.97
Granted		-			-
Vested		(7,396	)		3.38
Nonvested at December 31, 2015		121,102		$	2.94