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Note 4 - Stock Based Compensation
 3 Months Ended
Sep. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
4.           Stock Based Compensation

The following table summarizes the components of our share based compensation program expense (in thousands):

   
For three months ended
September 30,
 
   
2011
   
2010
 
             
Stock compensation expense for options, net of forfeitures
  $ 230     $ 215  
Stock compensation expense for restricted stock, net of forfeitures
    389       390  
Stock compensation income for stock appreciation rights, including forfeitures
    (727 )     (48 )
Total stock compensation expense
  $ (108 )   $ 557  

As of September 30, 2011, we have approximately $1.2 million of unrecognized compensation cost related to unvested options granted under the Company's 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). This cost is expected to be recognized over a weighted-average period of 1.4 years and a total period of 3.5 years.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model that uses the following assumptions:

 
·
Dividend yield – the dividend yield is based on our historical experience and future expectation of dividend payouts.

 
·
Expected volatility – we analyzed the volatility of our stock using historical data for three or four years through the end of the most recent period to estimate the expected volatility, as the historical data mirrors the vesting terms of the respective option.

 
·
Risk-free interest rate – the risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the stock option award.

 
·
Expected terms – the expected terms of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and has been determined based on an analysis of historical exercise behavior from 1995 through the end of the most recent period.

No option grants were issued in the three months ended September 30, 2011 or 2010.

A summary of the award activity of the Company’s stock option plans as of September 30, 2011, and changes during the three month period then ended is presented below:

Options
 
Option Totals
   
Weighted-Average
Exercise
Price per Share
 
             
Outstanding at July 1, 2011
    1,432,083     $ 10.60  
Granted
    ---       ---  
Exercised
    (11,250 )   $ 3.00  
Forfeited or expired
    (1,500 )   $ 8.79  
Outstanding at September 30, 2011
    1,419,333     $ 10.66  
Exercisable at September 30, 2011
    1,035,835     $ 10.74  

As of September 30, 2011, we also have approximately $2.9 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.9 years and a total period of 3.8 years.  A summary of the restricted stock award activity under the 2006 Plan as of September 30, 2011, and changes during the three-month period then ended is presented below:

   
Number of Restricted Stock Awards
   
Weighted-Average Grant Date Fair Value
 
             
Unvested at July 1, 2011
    355,630     $ 12.27  
Granted
    5,000     $ 13.38  
Vested and Issued
    (57,139 )   $ 11.89  
Forfeited
    (566 )   $ 11.89  
Outstanding at September 30, 2011
    302,925     $ 12.36  

The fair value of each restricted stock award is based on the closing market price on the date of grant.

The company had 143,156 and 144,844 outstanding stock appreciation rights as of September 30, 2011 and September 30, 2010, respectively. These stock appreciation rights were granted at a fair value market price of $8.64 based on the closing market price on the date of the grant.