EQUITY TRANSACTIONS

9 Months Ended

Mar. 31, 2016

EQUITY TRANSACTIONS [Abstract]

EQUITY TRANSACTIONS

NOTE 9 - EQUITY TRANSACTIONS

During the three and nine months ended March 31, 2016 and 2015, stock options to purchase shares of the Company’s common stock were exercised as follows:

	Three-Months Ended March 31,				Nine-Months Ended March 31,
	2016		2015		2016		2015
	(Unaudited)				(Unaudited)
Options exercised		-		45,359		112,425		55,609
Proceeds (in thousands)	$	-	$	107	$	313	$	128
Average exercise price per share	$	-	$	2.36	$	2.77	$	2.31

As of March 31, 2016, there was $0.5 million of stock option and restricted stock compensation expense related to non-vested awards which is expected to be recognized over a weighted average period of 2.4 years.

On January 7, 2013, the Company announced that its Board of Directors approved a stock repurchase program effective January 3, 2013, authorizing the Company to repurchase in the aggregate up to $3.0 million of its outstanding common stock over a two-year period.  On March 5, 2015, the Board approved a two-year extension on the stock repurchase program through January 1, 2017. During the three and nine months ended March 31, 2016 and 2015, shares were repurchased as follows:

	Three-Months Ended				Nine-Months Ended
	March 31,				March 31,
	2016		2015		2016		2015
	(Unaudited)				(Unaudited)
Shares repurchased		36,343		-		104,365		29,449
Cash paid for shares repurchased (in thousands)	$	205	$	-	$	745	$	128
Average price paid per share	$	5.64	$	-	$	7.14	$	4.35

Total shares repurchased under the program are 295,615 shares at a cost of $1.6 million.  As of March 31, 2016, approximately $1.4 million remained of the Company’s $3.0 million repurchase program.  The Company purchased all shares with cash resources.