EQUITY TRANSACTIONS

9 Months Ended

Mar. 31, 2017

EQUITY TRANSACTIONS [Abstract]

EQUITY TRANSACTIONS

NOTE 9 - EQUITY TRANSACTIONS

During the three and nine months ended March 31, 2017 and 2016, 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,
	2017		2016		2017		2016
Options Exercised		19,300		-		95,050		112,425
Proceeds (in thousands)	$	84	$	-	$	342	$	313
Average exercise price per share	$	4.34	$	-	$	3.60	$	2.77

As of March 31, 2017, there was $0.4 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 1.77 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, 2017 and 2016, shares were repurchased as follows:

	Three-Months Ended March 31,				Nine-Months Ended March 31,
	2017		2016		2017		2016
Shares repurchased		-		36,343		-		104,365
Cash paid for shares repurchased (in thousands)	$	-	$	205	$	-	$	745
Average price paid per share	$	-	$	5.64	$	-	$	7.14

Total shares repurchased under the program are 295,615 shares at a cost of $1.6 million.  As of January 1, 2017, approximately $1.4 million remained of the Company’s $3.0 million repurchase program.  The program has not been extended.