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Share-Based Compensation | 12 Months Ended
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Jun. 30, 2012
Share-Based Compensation [Abstract] |
SHARE-BASED COMPENSATION | NOTE 9 – SHARE-BASED COMPENSATION We have two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the “Employees Stock Option Plan”) and the Amended and Restated 2004 Directors Stock Option Plan (the “Directors Stock Option Plan”) (collectively, the “Plans”), pursuant to which (i) options to purchase shares of common stock, or (ii) restricted shares of common stock, may be granted up to an aggregate amount of 1,333,333 common shares, with 1,066,667 and 266,666 shares distributed between the Employees Stock Option Plan and the Directors Stock Option Plan, respectively. The Plans are substantially similar, providing for a strike price equal to the closing price for a share of our common stock as of the last business day immediately prior to the Grant Date, vesting periods, as determined by the Board for the Employees Stock Option Plan and six months for the Directors Stock Option Plan, and terms of up to ten years, subject to forfeit 30 days after the holder ceases to be an employee or 90 days after the holder ceases to be director, as the case may be. At June 30, 2012, options to purchase an aggregate of 286,632 and 71,667 shares under the Employees Stock Option Plan and the Directors Stock Option Plan, respectively, are available to grant in future years. Aggregate share-based compensation expense under the Plans for the years ended June 30, 2012 and 2011 were $108,00 and $43,000, respectively. The following weighted average assumptions were used in the calculation of share-based compensation expense for options granted during the years ended June 30, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Dividend rate |  |  | None |  |  |  | None |
Price volatility |  |  | 75 | % |  |  | 48 | %
Risk-free interest rate |  |  | 0.9% - 1.3 | % |  |  | 1.8% - 2.1 | %
Expected life |  |  | 5.9 years |  |  |  | 6.1 years |
As of June 30, 2012, there was an aggregate of $282,000 of unrecognized compensation cost under the Plans related to 315,000 non-vested outstanding stock options with a per share weighted average value of $1.94. The unrecognized expense is anticipated to be recognized on a straight-line basis over a weighted average period of 2.0 years. The following is a summary of stock option activity under the Plans for the years ended June 30, 2012 and 2011:
|  | 2012 |  |  | 2011 |
|  |  |  |  | Weighted- Average |  |  |  |  |  | Weighted- Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Shares |  |  | Price |  |  | Shares |  |  | Price |
Outstanding at beginning of period |  |  | 320,842 |  |  | $ | 3.04 |  |  |  | 193,843 |  |  | $ | 3.94 |
Granted |  |  | 425,000 |  |  |  | 2.01 |  |  |  | 175,000 |  |  |  | 2.05 |
Exercised |  |  | — |  |  |  | — |  |  |  | (20,500 | ) |  |  | 1.27 |
Repurchased |  |  | (24,722 | ) |  |  | 1.96 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (129,448 | ) |  |  | 2.41 |  |  |  | (27,501 | ) |  |  | 4.37 |
Outstanding at end of period |  |  | 591,672 |  |  | $ | 2.48 |  |  |  | 320,842 |  |  | $ | 3.04 |
Exercisable at end of period |  |  | 276,951 |  |  | $ | 3.10 |  |  |  | 218,898 |  |  | $ | 3.50 |
Weighted-average fair value per option granted during the period |  |  |  |  |  | $ | 1.43 |  |  |  |  |  |  | $ | 0.91 |
The following table summarizes information regarding options outstanding and options exercisable under the Plans at June 30, 2012:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Price |  | Number Outstanding |  |  | Weighted- Average Remaining Contractual Life |  | Weighted- Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Number Outstanding |  |  | Weighted- Average Remaining Contractual Life |  | Weighted- Average Exercise Price |  |  | Aggregate Intrinsic Value |
$1.35 to $2.09 |  |  | 468,334 |  |  | 9.2 years |  | $ | 1.91 |  |  | $ | 51,417 |  |  |  | 153,613 |  |  | 8.2 years |  | $ | 1.85 |  |  | $ | 30,709 |
$2.34 to $4.68 |  |  | 80,003 |  |  | 7.0 years |  |  | 3.29 |  |  |  | — |  |  |  | 80,003 |  |  | 7 years |  |  | 3.29 |  |  |  | — |
$5.22 to $5.76 |  |  | 20,001 |  |  | 2.5 years |  |  | 5.51 |  |  |  | — |  |  |  | 20,001 |  |  | 2.5 years |  |  | 5.51 |  |  |  | — |
$7.65 to $9.90 |  |  | 23,334 |  |  | 3.0 years |  |  | 8.65 |  |  |  | — |  |  |  | 23,334 |  |  | 3.1 years |  |  | 8.65 |  |  |  | — |
Total |  |  | 591,672 |  |  | 8.4 years |  | $ | 2.48 |  |  | $ | 51,417 |  |  |  | 276,951 |  |  | 7.0 years |  | $ | 3.10 |  |  | $ | 30,709 |

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 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 AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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 + Details
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