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Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans
 3 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans
Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans
 
Stock Option Activity Summary
 
The Company’s stock option activity for the three months ended September 30, 2016, is as follows:
 
 
Shares
 
Weighted Average
Exercise Price
Outstanding at June 30, 2016
957,750

 
$
1.18

Granted
220,000

 
1.67

Exercised
—

 
—

Canceled or expired
(4,000
)
 
3.20

Outstanding at September 30, 2016
1,173,750

 
$
1.27


 
The aggregate intrinsic value of options exercisable at September 30, 2016, was $1.5 million as the fair value of the Company’s common stock is more than the exercise prices of these options. The remaining share-based compensation expense of $108 thousand related to stock options will be recognized over a weighted-average period of 1.52 years.
 
The table below details the Company’s stock options outstanding as of September 30, 2016:

Range of exercise prices
 
Number
Outstanding
 
Options
Outstanding
Weighted-
Average
Remaining
Contractual
Life (years)
 
Weighted-
Average
Exercise
Price
 
Number
Exercisable
 
Options
Exercisable
Weighted-
Average
Exercise
Price
$0.32 – 0.71
 
432,750

 
3.89
 
$
0.60

 
432,705

 
$
0.60

$1.20 – 1.67
 
650,000

 
8.15
 
1.44

 
430,000

 
1.32

$3.20 – 3.20
 
91,000

 
8.52
 
3.20

 
—

 
—

$0.32 – 3.20
 
1,173,750

 
6.38
 
$
1.27

 
862,705

 
$
0.96


 
Compensation costs recognized related to stock option awards were $19 thousand and $54 thousand for the three months ended September 30, 2016, and 2015, respectively.
 
Restricted Stock
 
The Company’s restricted stock activity for the three months ended September 30, 2016, was as follows:

 
 
Shares
(in thousands)
 
Weighted
Average
Grant-Date
Fair Value
Outstanding at June 30, 2016
 
155

 
$
3.14

Granted
 
744

 
1.64

Vested
 
486

 
1.60

Canceled or expired
 
—

 
—

Outstanding at September 30, 2016
 
413

 
$
1.20



Stock compensation expenses related to restricted stock were $843 thousand and $89 thousand for the three months ended September 30, 2016, and 2015, respectively. The remaining share-based compensation expense of $530 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.95 years.
 
Securities Repurchase Program
 
On December 13, 2014, the Board of Directors amended the stock repurchase program to allow for the repurchase of up to $5 million more treasury shares until December 31, 2015. On December 3, 2015, the Board of Directors authorized the extension of the share repurchase program through December 31, 2016. During the three months ended September 30, 2016, no shares were repurchased as part of the securities repurchase program. As of September 30, 2016, the Company had repurchased 188,635 shares of common stock at a cost of $492 thousand, which represents an average cost of $2.61 per share, and $4.5 million of securities are still available for repurchase under this program.

Shares Repurchased from Related Parties

In August 2016 the Company repurchased 192 thousand shares issued to the Chief Financial Officer and Chief Operating Officer related to their tax withholding obligations at a cost of $308 thousand, which represents an average cost of $1.60 per share.