STOCK OPTION AND BENEFIT PLANS (Tables)

12 Months Ended

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