XML 53 R15.htm IDEA: XBRL DOCUMENT
v2.4.1.9

SHARE-BASED COMPENSATION | 6 Months Ended
--- | ---
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
SHARE-BASED COMPENSATION | NOTE 10. SHARE-BASED COMPENSATION As discussed further below, until June 2014 we had two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the “Employee Stock Option Plan”) and the Amended and Restated 2004 Directors’ Stock Option Plan (the “Directors’ Stock Option Plan”) (collectively, the “Stock Option Plans”), pursuant to which (i) options to purchase shares of common stock, or (ii) restricted shares of common stock, could be granted up to an aggregate amount of 1,333,333 common shares, with 1,066,667 and 266,666 shares distributed between the Employee Stock Option Plan and the Directors’ Stock Option Plan, respectively. The Stock Option Plans were 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 Employee 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 a director, as the case may be. Share-based compensation expense under the Stock Option Plans for the three months ended December 31, 2014 and 2013 was $4,000 and $12,000, respectively, and for the six months ended December 31, 2014 and 2013 was $11,000 and 31,000, respectively. Stock Options As of December 31, 2014, there was an aggregate of $4,000 of unrecognized compensation cost under the Stock Option Plans related to 6,667 non-vested outstanding stock options with a per share weighted average value of $1.98. The unrecognized expense is anticipated to be recognized on a straight-line basis over a weighted average period of 8.3 months. Following is a summary of stock option activity for the six months ended December 31, 2014 and 2013:
|  | 2014 |  | 2013
|  | Number of Shares |  | Weighted-Average Exercise Price |  | Number of Shares |  | Weighted-Average Exercise Price
Outstanding at July 1, |  |  | 165,002 |  |  | $ | 2.40 |  |  |  | 292,504 |  |  | $ | 2.35 |
Options granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |  |  |  | (804 | ) |  |  | 1.80 |
Options forfeited |  |  | (8,334 | ) |  |  | 5.58 |  |  |  | (100,306 | ) |  |  | 2.34 |
Outstanding at end of period |  |  | 156,668 |  |  | $ | 2.23 |  |  |  | 191,394 |  |  | $ | 2.36 |
Stock Options Exercisable at December 31, |  |  | 150,001 |  |  | $ | 2.26 |  |  |  | 148,061 |  |  | $ | 2.53 |
No options were granted during the three or six months ended December 31, 2014 and 2013. Following is a summary of information regarding options outstanding and options exercisable at December 31, 2014:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding |  | Weighted-Avg. Remaining Contractual Life |  | Weighted-Avg. Exercise Price |  | Aggregate. Intrinsic Value |  | Number Outstanding |  | Weighted-Avg. Remaining Contractual Life |  | Weighted-Avg. Exercise Price |  | Average Intrinsic Value
$0 to 2.50 |  | 145,000 |  | 6.73 |  | $1.38 |  | $86,650 |  | 138,333 |  | 6.68 |  | $1.37 |  | $81,716
2.5 to 5.00 |  | 3,334 |  | 2.38 |  | 4.38 |  | — |  | 3,334 |  | 2.38 |  | 4.38 |  | —
7.51 to 10.00 |  | 8,334 |  | 1.02 |  | 7.65 |  | — |  | 8,334 |  | 1.02 |  | 7.65 |  | —
Total |  | 156,668 |  | 6.70 years |  | $2.23 |  | $86,650 |  | 150,001 |  | 5.47 |  | $2.26 |  | $81,716
In June 2014, our Board of Directors terminated the Employee Stock Option Plan, with the provision that options outstanding under the Employee Stock Option Plan will remain outstanding in accordance with their respective terms. At the date of termination, 531,381 shares were reserved for issuance under the Employee Stock Option Plan in excess of shares issuable pursuant to outstanding options, all of which shares will be available for issuance under the provisions of the Employee Stock Purchase Plan described below. In September 2014, our Board approved the inclusion in our proxy statement for approval by our shareholders at the 2014 Annual Meeting of Shareholders its recommendation to terminate the Directors’ Stock Option Plan, which proposal was approved by our shareholders at the December 3, 2014 Annual Meeting. At September 30, 2014, 173,334 shares were reserved for issuance under the Directors’ Stock Option Plan, all of which, will be available for issuance under the provisions of the Employee Stock Purchase Plan described below. Employee Stock Purchase Plan Also in September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section 423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period. The Board of Directors also approved the provision that shares formerly reserved for issuance under the Employee Stock Option Plan and the Directors’ Stock Option Plan in excess of shares issuable pursuant to outstanding options, aggregating 704,715 shares, be reserved for issuance pursuant to the ESPP. The 2014 Employee Stock Purchase Plan was approved by our shareholders at the December 3, 2014 Annual Meeting. On February 2, 2015, the Company filed a Registration Statement on Form S-8 registering the 704,715 shares issuable under the ESPP under the Securities Act of 1933. Restricted Stock The following is a summary of restricted share activity for the six months ended December 31, 2014 and 2013:
|  | 2014 |  | 2013
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
| Outstanding at beginning of period |  |  |  | 13,333 |  |  | $ | 1.73 |  |  |  | 32,500 |  |  | $ | 1.73 |
| Granted |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| Vested |  |  |  | (6,667 | ) |  |  | 1.73 |  |  |  | (9,166 | ) |  |  | 1.73 |
| Forfeited |  |  |  | — |  |  |  | 1.73 |  |  |  | (6,667 | ) |  |  | 1.73 |
| Outstanding at end of period |  |  |  | 6,666 |  |  | $ | 1.73 |  |  |  | 16,667 |  |  | $ | 1.73 |
As of December 31 2014, there was $6,000 in unrecognized compensation cost related to non-vested outstanding restricted shares. The unrecognized expense is anticipated to be amortized over the next 8.3 months..

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration