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Employee Stock Ownership Plan
 3 Months Ended
Sep. 30, 2018
Employee Stock Ownership Plan [Abstract]  
Employee Stock Ownership Plan

Note 7. Employee Stock Ownership Plan

The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all non-union employees who work 1,000 or more hours per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as Unearned ESOP shares in the statement of financial position. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $101,361 and $89,460 for the three-month periods ended September 30, 2018 and 2017, respectively.

The ESOP shares as of September 30, 2018 and 2017 were as follows:

 

   September 30, 2018   September 30, 2017 
Allocated shares   459,032    456,099 
Committed-to-be-released shares   3,750    3,958 
Unreleased shares   25,416    41,042 
           
Total shares held by the ESOP   488,198    501,099 
           
Fair value of unreleased shares  $759,684   $923,445 

 

The Company may at times be required to repurchase shares at the ESOP participants’ request at the fair market value. During the three months ended September 30, 2018 and 2017 the Company did not repurchase any shares held by the ESOP.

The ESOP allows for eligible participants to take whole share distributions from the plan on specific dates in accordance with the provision of the plan.  There we no share distributions from the ESOP during the three months ended September 30, 2018 and 2017.