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Note 3 - Stock Based Compensation
 6 Months Ended
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
3.            Stock Based Compensation

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

   
Three months ended
   
Six months ended
 
   
December 31,
   
December 31,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Stock compensation expense for options, net of forfeitures
    $208       $107       $314       $336  
Stock compensation for restricted stock, net of forfeitures
    2,032       310       2,507       700  
Stock compensation (income) expense for stock appreciation rights, net of forfeitures
    40       420       (4 )     (308 )
Total stock compensation expense
    $2,280       $837       $2,817       $728  

In the December 31, 2012 quarter, in conjunction with a change in title and responsibility from Chief Executive Officer and Chairman of the Board to solely Chairman of the Board, our Board of Directors accelerated Mr. Steve Russell’s restricted stock and stock options.  Vesting all unvested grants as of December 6, 2012.  The income statement impact of the acceleration was approximately $1.6 million.

As of December 31, 2012, we have approximately $0.4 million of unrecognized compensation cost related to unvested options granted under our 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). This cost is expected to be recognized over a weighted-average period of 0.9 years and a total period of 2.3 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, and the historical data used 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 grants were issued in the six months ended December 31, 2012 or 2011.

A summary of the award activity of our stock option plans as of December 31, 2012, and changes during the period then ended is presented below:

Options
 
Option Totals
   
Weighted-Average Exercise
Price per Share
 
             
Outstanding at July 1, 2012
    1,362,290       $10.63  
Granted
    ---       ---  
Exercised
    (31,000 )     $6.64  
Forfeited or expired
    (11,375 )     $13.41  
Outstanding at December 31, 2012
    1,319,915       $10.70  
Exercisable at December 31, 2012
    1,210,165       $10.56  

We also have approximately $3.3 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.4 years and a total period of 3.8 years.  A summary of the restricted stock award activity under the 2006 Plan as of December 31, 2012, and changes during the six-month period is presented below:

   
Number of Restricted Stock Awards
   
Weighted-Average Grant Date Fair Value
 
             
Unvested at July 1, 2012
    453,425       $12.36  
Granted
    73,413       $16.09  
Vested and Issued
    (242,438 )     $12.62  
Forfeited
    (10,862 )     $11.18  
Unvested at December 31, 2012
    273,538       $13.46  
                 

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

We had no outstanding stock appreciation rights as of December 31, 2012 and 142,593 outstanding stock appreciation rights as of June 30, 2012. 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 and were marked to market at the end of each quarter.  All stock rights vested and were paid out in the December 2012 quarter.