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Note 10: Employee Benefits: Equity Incentive Plan Policy (Policies) | 12 Months Ended
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Jun. 30, 2017
Policies |
Equity Incentive Plan Policy | Equity Incentive Plan. The Company adopted an Equity Incentive Plan (EIP) in 2008, reserving for awards of 132,000 shares (split-adjusted). EIP shares are available for award to directors, officers, and employees of the Company and its affiliates by a committee of outside directors. The committee has the power to set vesting requirements for each award under the EIP. During fiscal 2012, the Company awarded 73,928 shares (split-adjusted); during fiscal 2014, the Company awarded 24,000 shares (split-adjusted); during fiscal 2015, the Company awarded 8,000 shares (split-adjusted); during fiscal 2016, the Company awarded 3,750 shares; and during fiscal 2017, the Company awarded 13,125 shares. All awards have been in the form of restricted stock, and all will vest at the rate of 20% of such shares per year. Additionally, among the shares awarded during fiscal 2017, there were 8,750 shares which vest only if the Company meets certain profitability targets. During fiscal 2017, 2016, and 2015, there were 21,200, 19,786, and 21,186 EIP shares (split-adjusted), respectively, vested each year. Compensation expense, in the amount of the fair market value of the common stock at the date of grant, is recognized pro-rata over the five years during which the shares vest. The Board of Directors can terminate the EIP plan at any time, and if it does so, any shares not allocated will revert to the Company. The EIP expense for fiscal 2017, 2016, and 2015 was $284,000, $260,000, and $275,000, respectively. At June 30, 2017, unvested compensation expense related to the EIP was approximately $615,000.

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