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Note 9 - Equity Compensation | 12 Months Ended
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Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 9 — EQUITY COMPENSATION Stock Options The Company has an equity compensation plan that was approved by shareholders in November 2012 and that covers all of its full-time employees, outside directors and certain advisors. This 2012 Stock Incentive Plan replaced all previous equity compensation plans. The options granted or stock awards made pursuant to this plan are granted at fair market value at the date of grant or award. Options granted to non-employee directors become exercisable 25% every ninety days (cumulative) from the date of grant and options granted to employees generally become exercisable 25% per year (cumulative) beginning one year after the date of grant. The maximum contractual term of the Company’s stock options is ten years. If a stock option holder’s employment with the Company terminates by reason of death, disability or retirement, as defined in the Plan, the Plan generally provides for acceleration of vesting. The number of shares reserved for issuance is 1,296,933 shares, all of which were available for future grant or award as of June 30, 2015. This plan allows for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted and unrestricted stock awards, performance stock awards, and other stock awards. As of June 30, 2015, a total of 2,677,436 options for common shares were outstanding from this plan as well as one previous stock option plan (which has also been approved by shareholders), and of these, a total of 1,597,238 options for common shares were vested and exercisable. As of June 30, 2015, the approximate unvested stock option expense that will be recorded as expense in future periods is $1,452,560. The weighted average time over which this expense will be recorded is approximately 37 months. The fair value of each option on the date of grant was estimated using the Black-Scholes option pricing model. The below listed weighted average assumptions were used for grants in the periods indicated.
|  | 2015 |  |  | 2014 |  |  | 2013 |
Dividend yield |  |  | 1.1 | % |  |  | 3.3 | % |  |  | 3.6 | %
Expected volatility |  |  | 55 | % |  |  | 53 | % |  |  | 51 | %
Risk-free interest rate |  |  | 1.6 | % |  |  | 1.7 | % |  |  | 0.6 | %
Expected life (years) |  |  | 6.0 |  |  |  | 5.5 |  |  |  | 4.7 |
At June 30, 2015, the 734,323 options granted to employees during fiscal 2015 had exercise prices ranging from $5.96 to $8.23 per share, fair values ranging from $2.19 to $3.89 per share, and remaining contractual lives of between nine years five months and nine years nine months. At June 30, 2014, the 436,000 options granted to employees during fiscal 2014 had exercise prices ranging from of $7.20 to $8.44 per share, fair values ranging from $2.64 to $3.64 per share, and remaining contractual lives of between nine years two months and nine years six months. At June 30, 2013, the 414,750 options granted during fiscal 2013 to both employees and non-employee directors had exercise prices ranging from $6.28 to $6.58 per share, fair values ranging from $2.00 to $2.11 per share, and remaining contractual lives of between nine years two months and nine years five months. The Company calculates stock option expense using the Black-Scholes model. Stock option expense is recorded on a straight line basis, or sooner if the grantee is retirement eligible as defined in the 2012 Stock Incentive Plan, with an estimated 3.3% forfeiture rate effective January 1, 2015. Previous estimated forfeiture rates were between 2.0% and 2.3% over the period January 1, 2013 through December 31, 2014. The expected volatility of the Company’s stock was calculated based upon the historic monthly fluctuation in stock price for a period approximating the expected life of option grants. The risk-free interest rate is the rate of a five year Treasury security at constant, fixed maturity on the approximate date of the stock option grant. The expected life of outstanding options is determined to be less than the contractual term for a period equal to the aggregate group of option holders’ estimated weighted average time within which options will be exercised. It is the Company’s policy that when stock options are exercised, new common shares shall be issued. The Company recorded $1,238,897, $1,004,676 and $842,401 of expense related to stock options in fiscal years 2015, 2014 and 2013, respectively. As of June 30, 2015, the Company had 2,652,168 stock options that were vested and that were expected to vest, with a weighted average exercise price of $8.87 per share, an aggregate intrinsic value of $4,854,607 and weighted average remaining contractual terms of 6.1 years. Information related to all stock options for the years ended June 30, 2015, 2014 and 2013 is shown in the following tables:
|  | Twelve Months Ended June 30, 2015 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at 6/30/14 |  |  | 2,677,464 |  |  | $ | 9.57 |  |  |  | 5.4 |  |  | $ | 1,674,010 |
Granted |  |  | 734,323 |  |  | $ | 6.83 |  |  |  |  |  |  |  |  |
Forfeitures |  |  | (571,275 | ) |  | $ | 10.26 |  |  |  |  |  |  |  |  |
Exercised |  |  | (163,076 | ) |  | $ | 6.70 |  |  |  |  |  |  |  |  |
Outstanding at 6/30/15 |  |  | 2,677,436 |  |  | $ | 8.85 |  |  |  | 6.1 |  |  | $ | 4,914,601 |
Exercisable at 6/30/15 |  |  | 1,597,238 |  |  | $ | 10.18 |  |  |  | 4.3 |  |  | $ | 2,250,093 |
|  | Twelve Months Ended June 30, 2014 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at 6/30/13 |  |  | 2,341,150 |  |  | $ | 9.95 |  |  |  | 5.6 |  |  | $ | 1,544,896 |
Granted |  |  | 436,000 |  |  | $ | 7.24 |  |  |  |  |  |  |  |  |
Forfeitures |  |  | (39,050 | ) |  | $ | 11.59 |  |  |  |  |  |  |  |  |
Exercised |  |  | (60,636 | ) |  | $ | 6.22 |  |  |  |  |  |  |  |  |
Outstanding at 6/30/14 |  |  | 2,677,464 |  |  | $ | 9.57 |  |  |  | 5.4 |  |  | $ | 1,674,010 |
Exercisable at 6/30/14 |  |  | 1,874,326 |  |  | $ | 10.74 |  |  |  | 4.0 |  |  | $ | 750,925 |
|  | Twelve Months Ended June 30, 2013 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at 6/30/12 |  |  | 2,006,250 |  |  | $ | 10.64 |  |  |  | 5.8 |  |  | $ | 654,747 |
Granted |  |  | 414,750 |  |  | $ | 6.58 |  |  |  |  |  |  |  |  |
Forfeitures |  |  | (44,350 | ) |  | $ | 13.61 |  |  |  |  |  |  |  |  |
Exercised |  |  | (35,500 | ) |  | $ | 4.93 |  |  |  |  |  |  |  |  |
Outstanding at 6/30/13 |  |  | 2,341,150 |  |  | $ | 9.95 |  |  |  | 5.6 |  |  | $ | 1,544,896 |
Exercisable at 6/30/13 |  |  | 1,643,050 |  |  | $ | 11.34 |  |  |  | 4.6 |  |  | $ | 524,522 |
The following table presents information related to unvested stock options:
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Non-vested at June 30, 2014 |  |  | 803,138 |  |  | $ | 2.39 |
Granted |  |  | 734,323 |  |  | $ | 3.27 |
Vested |  |  | (355,513 | ) |  | $ | 2.31 |
Forfeited |  |  | (101,750 | ) |  | $ | 2.64 |
Non-vested at June 30, 2015 |  |  | 1,080,198 |  |  | $ | 2.99 |
The weighted average grant date fair value of options granted was $3.27, $2.67 and $2.11 per share in fiscal years 2015, 2014 and 2013, respectively. The aggregate intrinsic value of options exercised during the years ended June 30, 2015, 2014 and 2013 were $212,106, $142,715 and $95,223, respectively. The aggregate grant date fair value of options that vested during 2015, 2014 and 2013 was $822,827, $777,825 and $756,543, respectively. The Company received $1,092,002, $377,401 and $175,023 of cash from employees who exercised options in fiscal years 2015, 2014 and 2013, respectively. Additionally, in fiscal 2015 the Company recorded $71,643 as a reduction of federal income taxes payable, $242,385 as a reduction in common stock, $30,149 as a reduction of income tax expense, and $283,888 as a reduction of the deferred tax asset related to the exercises of stock options in which the employees sold the common shares prior to the passage of twelve months from the date of exercise. In fiscal 2014 the Company recorded $48,747 as a reduction of federal income taxes payable, $13,009 as an increase in common stock, $27,693 as a reduction of income tax expense, and $8,045 as a reduction of the deferred tax asset related to the exercises of stock options in which the employees sold the common shares prior to the passage of twelve months from the date of exercise. Stock Compensation Awards The Company awarded a total of 26,850 common shares in fiscal 2015, a total of 23,205 common shares in fiscal 2014, and a total of 8,092 common shares in fiscal 2013 as stock compensation awards. These common shares were valued at their approximate $191,000, $192,100 and $56,700 fair market values based on their stock price at dates of issuance multiplied by the number of common shares awarded, respectively, pursuant to the compensation programs for non-employee directors who receive a portion of their compensation as an award of Company stock and for employees who receive a nominal stock award following their twentieth employment anniversary. Stock compensation awards are made in the form of newly issued common shares of the Company. Deferred Compensation Plan The Company has a nonqualified deferred compensation plan providing for both Company contributions and participant deferrals of compensation. This plan is fully funded in a Rabbi Trust. All plan investments are in common shares of the Company. As of June 30, 2015 there were 29 participants, all with fully vested account balances. A total of 226,600 common shares with a cost of $2,145,100, and 307,328 common shares with a cost of $2,914,700 were held in the plan as of June 30, 2015 and 2014, respectively, and, accordingly, have been recorded as treasury shares. The change in the number of shares held by this plan is the net result of share purchases and sales on the open stock market for compensation deferred into the plan and for distributions to terminated employees. The Company does not issue new common shares for purposes of the nonqualified deferred compensation plan. The Company accounts for assets held in the nonqualified deferred compensation plan in accordance with Accounting Standards Codification Topic 710, Compensation — General. The Company used approximately $205,600 and $183,100 to purchase 27,902 and 24,215 common shares of the Company in the open stock market during fiscal years 2015 and 2014, respectively, for either employee salary deferrals or Company contributions into the nonqualified deferred compensation plan. For fiscal year 2016, the Company estimates the Rabbi Trust for the Nonqualified Deferred Compensation Plan will make net repurchases in the range of 33,000 to 38,000 common shares of the Company. The Company does not currently repurchase its own common shares for any other purpose.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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