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STOCK OPTION AND BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2012
Grant Date Fair Value for Awards Estimated Using Option Valuation Method with Weighted Average Assumptions | The grant date fair value for the awards granted during fiscal year 2012 were estimated using the Black Scholes option valuation method with the following weighted average assumptions on grant date:
|  | Fiscal Year 2012 |
|  | January 26, 2012 |  |  | July 27, 2011 |
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Risk – free interest rate |  |  | 0.52 | % |  |  | 1.16 | %
Expected volatility |  |  | 64.90 | % |  |  | 65.50 | %
Expected life |  |  | 4.00 |  |  |  | 4.00 |
On October 21, 2010, the Company obtained shareholder approval of the 2010 Incentive Plan at the Annual Shareholder Meeting. As a result, the Company replaced the cash-settlement feature with a net-share-settlement feature for the SARs granted during the fourth quarter of fiscal 2010. Therefore, the awards were reclassified from liability awards to equity awards effective October 21, 2010 at a weighted average fair value of $2.89. The fair value for the liability awards amended to equity awards during fiscal year 2011 were estimated using the Black-Scholes option valuation model with the following weighted average assumptions as of October 21, 2010:
|  | Fiscal Year 2011 |
|  | October 21, 2010 |
Expected dividend yield |  |  | 0.00 | %
Risk – free interest rate |  |  | 0.73 | %
Expected volatility |  |  | 68.30 | %
Expected life |  |  | 3.56 |
Summarizes Option/SARs Activity of All Plans | The following table summarizes option/SARs activity of all plans from July 2, 2011 through June 30, 2012:
|  | Shares Available For Grant |  |  | Options/SARs Outstanding |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |
Balance at July 2, 2011 |  |  | 678,000 |  |  |  | 668,613 |  |  | $ | 240 |  |  | $ | 5.29 |  |  |  | 3.3 |
Shares authorized |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options/SARs granted |  |  | (216,666 | ) |  |  | 216,666 |  |  |  |  |  |  |  |  |  |  |  |  |
Options canceled and expired |  |  | — |  |  |  | (18,750 | ) |  |  |  |  |  |  |  |  |  |  |  |
Options exercised |  |  | — |  |  |  | (82,169 | ) |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2012 |  |  | 461,334 |  |  |  | 784,360 |  |  | $ | 2,261 |  |  | $ | 5.36 |  |  |  | 3.1 |
Exercisable at June 30, 2012 |  |  |  |  |  |  | 45,694 |  |  | $ | 264 |  |  | $ | 2.47 |  |  |  | 1.3 |
Summary of Plan Activity | The following is a summary of plan activity:
|  | Number of Options/SARs |  |  | Weighted Average Exercise Price |
Outstanding June 27, 2009 |  |  | 784,827 |  |  | $ | 3.48 |
Exercised during 2010 |  |  | (198,416 | ) |  |  | 3.05 |
Canceled |  |  | (262,917 | ) |  |  | 3.69 |
Outstanding July 3, 2010 |  |  | 323,494 |  |  |  | 3.57 |
Amended to equity |  |  | 522,000 |  |  |  | 5.89 |
Exercised during 2011 |  |  | (134,797 | ) |  |  | 3.66 |
Canceled |  |  | (42,084 | ) |  |  | 4.85 |
Outstanding, July 2, 2011 |  |  | 668,613 |  |  |  | 5.29 |
Granted during 2012 |  |  | 216,666 |  |  |  | 4.68 |
Exercised during 2012 |  |  | (82,169 | ) |  |  | 2.74 |
Canceled |  |  | (18,750 | ) |  |  | 6.50 |
Outstanding, June 30, 2012 |  |  | 784,360 |  |  | $ | 5.36 |
Additional Information Regarding Options Outstanding | Additional information regarding options outstanding as of June 30, 2012, is as follows:
|  |  |  |  | Options/SARs Outstanding |  |  |  |  |  | Options/SARs Exercisable |  |  |  |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Avg. Remaining Contractual Life (yrs.) |  |  | Weighted Avg. Exercise Price |  |  | Number Exercisable |  |  | Weighted Avg. Exercise Price |
$1.20 – $1.80 |  |  | 7,500 |  |  |  | 0.3 |  |  | $ | 1.20 |  |  |  | 7,500 |  |  | $ | 1.20 |
1.81 – 2.71 |  |  | 15,000 |  |  |  | 1.3 |  |  |  | 2.20 |  |  |  | 15,000 |  |  |  | 2.20 |
2.73 – 4.09 |  |  | 23,194 |  |  |  | 1.5 |  |  |  | 3.06 |  |  |  | 23,194 |  |  |  | 3.06 |
4.10 – 6.15 |  |  | 706,666 |  |  |  | 3.2 |  |  |  | 5.50 |  |  |  | — |  |  |  | — |
6.16 – 6.30 |  |  | 32,000 |  |  |  | 4.6 |  |  |  | 6.30 |  |  |  | — |  |  |  | — |
$1.20 to $6.30 |  |  | 784,360 |  |  |  | 3.1 |  |  | $ | 5.36 |  |  |  | 45,694 |  |  | $ | 2.47 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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