Stock Option Plan

12 Months Ended

Jun. 30, 2017

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

8. Stock Option Plan

In March 2008, our Board of Directors and stockholders adopted the 2008 Incentive Plan (the “Incentive Plan”). The Incentive Plan provides directors, officers, employees and consultants to the Company with opportunities to purchase common stock pursuant to options that may be granted, and receive grants of restricted stock and other stock-based awards granted, from time to time by the Board of Directors or a committee approved by the Board. The Incentive Plan provides for grants of stock options, stock awards and other incentives for up to 6,630,000 shares. There were 5,131,620 Class A shares available for grant pursuant to the Incentive Plan as of June 30, 2017.

There was no compensation expense recognized related to employee stock options for all periods presented in the consolidated financial statements. The following table details stock option activity for 2017:

	Option Shares		Weighted- Average Exercise Price Per Share
Outstanding, June 30, 2016		1,046,040		$	11.83
Exercised		(468,400)		$	11.83
Outstanding, June 30, 2017		577,640		$	11.83
Exercisable, June 30, 2017		577,640		$	11.83

At June 30, 2017, exercisable options had a weighted-average remaining contractual life of 1.7 years and had a $14,568 aggregate intrinsic value, based on the closing market price at that date.