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Note 5 - Stock Plans
 12 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
(5)           STOCK PLANS

All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based upon a grant-date fair value of an award.

In January 2006, stockholders approved the 2006 Omnibus Incentive Plan ("2006 Plan") that provides various vehicles to compensate the Company's key employees. The 2006 Plan utilizes such vehicles as stock options, restricted stock grants, and stock appreciation rights ("SARs"). The 2006 Plan authorized the Company to grant 1,687,500 shares. In November 2008, an additional 1,000,000 shares were authorized under an amendment to the 2006 Plan.  In fiscal 2012, the Company granted restricted stock grants covering 252,593 shares. In fiscal 2011, the Company granted stock options covering 87,500 shares and restricted stock grants covering 187,417 shares. In fiscal 2010, the Company granted stock options covering 244,000 shares and restricted stock grants covering 177,904 shares.  The Company is authorized to grant an additional 243,964 shares.

The total compensation cost that has been recorded for such stock-based awards was an expense of $2.4 million in fiscal 2012, $2.3 million in fiscal 2011, and $3.3 million in fiscal 2010. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $1.5 million in fiscal 2012, $1.4 million in fiscal 2011, and $2.0 million in fiscal 2010.

The Company has granted a number of stock options under various plans. Options granted to employees have been granted with an exercise price equal to the market price on the grant date and expire on the tenth anniversary of the grant date. The majority of options granted to employees vest 25 percent per year, commencing with the first anniversary of the grant date. Options granted to non-employee directors have been granted with an exercise price equal to the market price on the grant date, vest over three years with regard to the 2006 Plan grants and four years with respect to all other grants, commencing with the first anniversary of the grant date, and expire on the tenth anniversary of the grant date.

A summary of the activity of the Company's stock option plans as of June 30, 2012, 2011, and 2010 and changes during the period then ended is presented below:

Options
 
Shares
   
Weighted-Average Exercise Price
   
Weighted-Average Remaining Contractual Term
   
Aggregate
Intrinsic Value
 
                         
Outstanding at June 30, 2009
    1,289,842     $ 9.87       7.04     $ 677,650  
Granted
    244,000     $ 9.84                  
Forfeited or expired
    (12,750 )   $ 10.16                  
Exercised
    (14,125 )   $ 4.04       ---          
Outstanding at June 30, 2010
    1,506,967     $ 9.91       6.65     $ 6,375,489  
Granted
    87,500     $ 14.42                  
Forfeited or expired
    (52,751 )   $ 9.62                  
Exercised
    (109,633 )   $ 4.74                  
Outstanding at June 30, 2011
    1,432,083     $ 10.60       6.06     $ 4,866,334  
Granted
    ---       ---                  
Forfeited or expired
    (12,560 )   $ 11.21                  
Exercised
    (57,233 )   $ 9.58                  
Outstanding at June 30, 2012
    1,362,290     $ 10.63       5.1     $ 7,829,713  
Exercisable at June 30, 2012
    1,196,165     $ 10.49       4.7     $ 7,045,810  

The total intrinsic value of options exercised during fiscal 2012, 2011, and 2010 was $0.3 million, $1.0 million, and $0.1 million, respectively.

As of June 30, 2012, we had $0.8 million of total unrecognized compensation expense related to stock options that is expected to be amortized over the remaining weighted average period of 1.1 years.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants:

   
2012
   
2011
   
2010
 
Weighted-average grant date fair value
    ---     $ 7.83     $ 5.25  
Dividend yield
    ---       0       0  
Expected volatility
    ---       59.5 %     57.7 %
Risk-free interest rate
    ---       1.53 %     1.88 %
Expected lives (years)
    ---       5.7       5.6  

Expected volatility is based upon the historical volatility of the Company's stock. The risk-free rate is based upon the U.S. Treasury yield curve in effect at the time of grant. Expected lives are based upon the historical experience of the Company.

Restricted Shares

   
Number of Shares
   
Weighted-Average Grant Date Fair Value
 
Unvested at June 30, 2009
    309,706     $ 11.81  
Granted
    177,904     $ 9.66  
Forfeited
    (21,439 )   $ 14.75  
Vested
    (125,479 )   $ 11.02  
Unvested at June 30, 2010
    340,692     $ 10.80  
Granted
    187,417     $ 13.93  
Forfeited
    (42,084 )   $ 10.42  
Vested
    (130,395 )   $ 11.40  
Unvested at June 30, 2011
    355,630     $ 12.27  
Granted
    252,593     $ 12.60  
Forfeited
    (2,753 )   $ 11.44  
Vested
    (152,045 )   $ 12.09  
Unvested at June 30, 2012
    453,425     $ 12.36  

Restricted shares granted to employees have been granted subject to achievement of certain time-based targets and vest 25% or 33% each year, commencing with the first anniversary of the grant date.

As of June 30, 2012, we had $5.0 million of total unrecognized compensation expense related to restricted stock that is expected to be recognized over the remaining weighted average period of approximately 3.2 years.

Stock Appreciation Rights

   
Number of Shares
 
Unvested at June 30, 2009
    144,844  
Paid
    (844 )
Vested at June 30, 2010
    144,000  
Paid
    (844 )
Vested at June 30, 2011
    143,156  
Paid
    (563 )
Vested at June 30, 2012
    142,593  

Stock appreciation rights were granted to employees vesting on a 3 or 4 year vesting schedule. The Company recognized an expense of $0.3 million and $0.8 million in fiscal 2012 and 2010, respectively, and a reversal of expense of $0.1 million in fiscal 2011 for vested stock appreciation rights.