View Filing Data

$ 6,622,927

$ 7,708,067

$ 14,002,333

$ 11,712,894

Depreciation, depletion and amortization

1,471,571

917,757

2,689,844

1,287,107

Accretion of discount on asset retirement obligations

11,517

8,137

22,860

12,773

General and administrative expenses

^[1]

2,057,521

1,606,501

3,742,366

3,111,094

Restructuring charges

^[2]

1,257,433

(5,431)

1,257,433

(5,431)

Total operating costs

7,077,914

5,545,773

12,610,822

7,709,734

Income (loss) from operations

(454,987)

2,162,294

1,391,511

4,003,160

Other

Gain on settled derivative instruments, net

1,298,201

2,164,628

Gain on unsettled derivative instruments, net

361,761

1,433,723

Delhi field insurance recovery related to pre-reversion event

1,074,957

Interest income

5,853

7,662

11,665

20,425

Interest (expense)

(18,666)

(12,159)

(37,126)

(30,619)

Income before income taxes

1,192,162

2,157,797

6,039,358

3,992,966

Income tax provision

368,889

917,879

2,123,858

1,624,038

Net income attributable to the Company

823,273

1,239,918

3,915,500

2,368,928

Dividends on preferred stock

168,576

337,151

Net income available to common stockholders

$ 654,697

$ 1,071,342

$ 3,578,349

$ 2,031,777

Earnings per common share

Basic (in dollars per share)

$ 0.02

$ 0.03

$ 0.11

$ 0.06

Diluted (in dollars per share)

$ 0.02

$ 0.03

$ 0.11

$ 0.06

Weighted average number of common shares

Basic (in shares)

32,741,166

32,825,631

32,729,705

32,754,016

Diluted (in shares)

32,802,440

32,947,280

32,789,461

32,884,754

Delhi field

Revenues

$ 6,558,215

$ 7,644,831

$ 13,854,601

$ 11,513,433

Artificial lift technology

Production costs

2,226,141

2,817,866

4,784,028

2,817,866

Revenues

64,712

63,236

147,732

179,092

Production costs

53,731

191,553

113,245

388,913

Other properties

Revenues

20,369

Restructuring and Related Activities [Abstract]

Production costs

$ 0

$ 9,390

$ 1,046

$ 97,412

[1]	General and administrative expenses for the three months ended December 31, 2015 and 2014 included non-cash stock-based compensation expense of $212,724 and $245,020, respectively. For the corresponding six month periods, non-cash stock-based compensation expense was $430,839 and $488,357, respectively.
[2]	Restructuring charges include $569,228 of non-cash impairment charges and $59,339 of non-cash stock-based compensation for the three months and six months ended December 31, 2015.

Consolidated Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expense			$ 430,839	$ 488,357
General and administrative expenses
Stock-based compensation expense	$ 212,724	$ 245,020	430,839	$ 488,357
Restructuring charges
Stock-based compensation expense	$ 569,228		$ 59,339

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income attributable to the Company	$ 3,915,500	$ 2,368,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,714,162	1,311,425
Impairments included in restructuring charge	569,228	0
Stock-based compensation	430,839	488,357
Stock-based compensation included in restructuring charge	59,339	0
Accretion of discount on asset retirement obligations	22,860	12,773
Settlements of asset retirement obligations	0	(220,522)
Deferred income taxes	(547,579)	656,589
Deferred rent	0	(8,574)
(Gain) on derivative instruments, net	(3,598,351)	0
Write-off of deferred loan costs	50,414	0
Changes in operating assets and liabilities:
Receivables from oil and natural gas sales	1,176,758	(1,454,866)
Receivables other	(9,367)	(12,492)
Prepaid expenses and other current assets	(119,515)	69,697
Accounts payable and accrued expenses	(310,054)	1,384,201
Income taxes payable	152,898	45,392
Net cash provided by operating activities	4,507,132	4,640,908
Cash flows from investing activities
Derivative settlements received	1,561,979	0
Proceeds from asset sales	0	389,166
Capital expenditures for oil and natural gas properties	(8,650,217)	(1,136)
Capital expenditures for other property and equipment	0	(311,075)
Other assets	(161,345)	(84,341)
Net cash used in investing activities	(7,249,583)	(7,386)
Cash flows from financing activities
Cash dividends to preferred stockholders	(337,151)	(337,151)
Cash dividends to common stockholders	(3,268,319)	(6,565,350)
Acquisition of treasury stock	(1,354,743)	(58,660)
Tax benefits related to stock-based compensation	3,910,163	921,581
Other	(1,243)	(11,292)
Net cash used in financing activities	(1,051,293)	(6,050,872)
Net decrease in cash and cash equivalents	(3,793,744)	(1,417,350)
Cash and cash equivalents, beginning of period	20,118,757	23,940,514
Cash and cash equivalents, end of period	16,325,013	22,523,164
Supplemental disclosures of cash flow information:
Income taxes paid	440,000	100,000
Louisiana carryback income tax refund and related interest received	1,556,999	0
Non-cash transactions:
Change in accounts payable used to acquire property and equipment	(2,442,183)	1,410,420
Deferred loan costs charged to oil and gas property costs	108,472	0
Oil and natural gas property costs incurred through recognition of asset retirement obligations	0	562,482
Settlement of accrued treasury stock purchases	(170,283)	0
Royalty rights acquired through non-monetary exchange of patent and trademark assets	$ 108,512	$ 0

Consolidated Condensed Statement of Changes in Stockholder's Equity (Unaudited) - 6 months ended Dec. 31, 2015 - USD ($)	Total	Preferred	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance at Jun. 30, 2015	$ 48,576,577	$ 317	$ 32,845	$ 36,847,289	$ 11,696,126	$ 0
Balance (in shares), beginning at Jun. 30, 2015	32,845,205	317,319	32,845,205
Issuance of restricted common stock (shares)			272,098
Issuance of restricted common stock	$ 33		$ 272	(239)
Forfeitures of restricted stock (shares)			(31,467)
Forfeitures of restricted stock			$ (31)	31
Acquisition of treasury stock (in shares)			(204,391)
Acquisition of treasury stock	(1,184,460)					(1,184,460)
Retirements of treasury stock			$ (205)	(1,184,255)		1,184,460
Stock-based compensation	490,178			490,178
Tax benefits related to stock-based compensation	3,910,163			3,910,163
Net income attributable to the Company	3,915,500				3,915,500
Common stock cash dividends	(3,268,319)				(3,268,319)
Preferred stock cash dividends	$ (337,151)				(337,151)
Balance (in shares), ending at Dec. 31, 2015	32,881,445	317,319	32,881,445
Ending Balance at Dec. 31, 2015	$ 52,102,521	$ 317	$ 32,881	$ 40,063,167	$ 12,006,156	$ 0

Organization and Basis of Preparation	6 Months Ended
Organization and Basis of Preparation	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation ("EPM") and its subsidiaries (the "Company", "we", "our" or "us"), is an independent petroleum company headquartered in Houston, Texas and incorporated under the laws of the State of Nevada. We are engaged primarily in the development of oil and gas reserves within known oil and gas resources for our shareholders and customers utilizing conventional and proprietary technology. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2015 Annual Report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year include certain reclassifications that were made to conform to the current presentation. Such reclassifications have no impact on previously reported net income or stockholders' equity. Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. New Accounting Pronouncement. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” as part of their simplification initiatives. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The update is effective for public company annual reporting periods beginning after December 15, 2016, and may be adopted prospectively or retrospectively with early adoption is permitted. At present, the Company does not believe that adoption of this update will have a material impact on our results of operations, financial position or cash flows.

Recent Events

6 Months Ended

Dec. 31, 2015

Recent Events

Restructuring Charge

Separation of GARP Artificial Lift Technology Operations

During the quarter ended December 31, 2015, we conducted a strategic review of our GARP^® artificial lift technology operations and consummated a plan to separate and transfer these operations to a new entity controlled by the inventor of the technology, our Senior Vice President of Operations, and certain former employees of the Company. We invested $108,750 in common and preferred stock of the new entity, Well Lift Inc. ("WLI"). We own 17.5% of WLI and our former employees own the balance of the common stock. Our preferred stock is convertible at our option into common stock which would result in our ownership of 42.5% of WLI, based on the current capital structure of WLI. The company has no contractual exposure to losses of WLI, nor does it have any obligation or agreement to provide additional funding or support to WLI if it is needed. In connection with this transaction, three employees of the Company were terminated. We accrued a restructuring charge based on agreements with the employees covering salary and benefit continuation and an acceleration of vesting of equity awards in exchange for release from liabilities and other provisions including agreements not to compete. Our estimate of accounting charges related to the personnel restructuring as of December 31, 2015 is as follows:



Type of Cost	December 31, 2015
Salary expense	$	530,387
Payroll taxes and benefits expense	98,479
Stock compensation expense	59,339
Personnel restructuring charge	$	688,205

Other Restructuring Impairments

Also in connection with the separation of GARP^®, the Company and WLI entered into an agreement under which we transferred our technology assets, including our patents and trademarks, to WLI in exchange for a perpetual royalty of 5% on all future gross revenues associated with the GARP^® technology. We reduced the carrying value of these exchanged technology assets to our estimate of their expected discounted net present value, which was $108,512. This estimate was based on the recent financial results from our artificial lift technology operations and the current depressed state of the oil and gas industry and the potential upside cases were assigned relatively low probabilities for accounting purposes. This resulted in an impairment charge of $469,395. In addition, we transferred certain inventory and minor fixed assets to WLI which had no further use in our operations and were deemed to have negligible market or salvage value. This resulted in impairments of $92,901 to equipment inventory and $6,932 to fixed assets, respectively. These impairments total $569,228 and are included in restructuring charges for the three months ended December 31, 2015.

Receivables

6 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Receivables

As of December 31, 2015 and June 30, 2015 our receivables consisted of the following:



	December 31, 2015		June 30, 2015
Receivables from oil and gas sales	$	1,945,397	$	3,122,155
Receivable from settled derivatives	602,649		—
Other	9,685		318
Total receivables	$	2,557,731	$	3,122,473

Prepaid Expenses and Other Current Assets

6 Months Ended

Dec. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

As of December 31, 2015 and June 30, 2015 our prepaid expenses and other current assets consisted of the following:



	December 31, 2015		June 30, 2015
Prepaid insurance	$	133,927	$	178,994
Equipment inventory (a)	—		81,538
Retainers and deposits	26,978		26,978
Prepaid federal and state income taxes	204,694		22,542
Other prepaid expenses	30,419		59,352
Prepaid expenses and other current assets	$	396,018	$	369,404

(a) As discussed in Note 2, our equipment inventory was determined to have no future value in use for our operations and was charged to restructuring costs as part of the separation of our GARP^® artificial lift technology operations.

Property and Equipment

6 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

As of December 31, 2015 and June 30, 2015 our oil and natural gas properties and other property and equipment consisted of the following:



	December 31, 2015			June 30, 2015
Oil and natural gas properties
Property costs subject to amortization	$	64,024,239		$	57,718,653
Less: Accumulated depreciation, depletion, and amortization	(14,974,989		)	(12,531,767		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	49,049,250		$	45,186,886
Other property and equipment
Other equipment, at cost	$	337,245		$	607,674
Less: Accumulated depreciation	(298,966		)	(330,918		)
Other equipment, net	$	38,279		$	276,756

During the six months ended December 31, 2015 the Company incurred capital expenditures of $6.3 million for the Delhi field, including approximately $4.4 million for the NGL plant project which is currently in progress. We have incurred approximately $9.4 million on a cumulative basis for the NGL plant out of a total authorized commitment of $24.6 million.

During the three months ended December 31, 2015, we recorded a charge of $210,392 to expense the remaining capitalized costs of certain artificial lift equipment installed in the wells of a third-party customer. We continue to own this equipment and contract rights, but do not expect to realize any significant future value from this investment at current prices.

Other Assets

6 Months Ended

Dec. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

As of December 31, 2015 and June 30, 2015 other assets consisted of the following:



	December 31, 2015			June 30, 2015
Royalty rights	$	108,512		$	—
Investment in Well Lift Inc., at cost	108,750			—
Trademarks	—			44,803
Patent costs	—			538,276
Less: Accumulated amortization of patent costs	—			(47,063		)
Deferred loan costs	179,468			337,078
Less: Accumulated amortization of deferred loan costs	(171,375		)	(147,057		)
Other assets, net	$	225,355		$	726,037

During the quarter ended September 30, 2015, our plan to obtain a new expanded secured credit facility was postponed due to market conditions. As a result, the Company determined that $50,414 of deferred legal fees related to the proposed facility were unlikely to be utilized and were charged to expense. In addition, $108,472 of deferred costs incurred for title work in the Delhi field was charged to capitalized costs of oil and gas properties. As discussed in Note 15, the Company is in discussions with the Lender to extend the maturity, renew the current unsecured Credit Agreement or seek a similar source of bank financing. As of December 31, 2015, there were $8,093 of unamortized deferred loan costs related to our existing unsecured credit facility.

See Note 2 for discussion of transactions associated with the separation of our GARP^® artificial lift technology operations.

The company accounts for its investment in WLI using the cost method under which any return of capital reduces cost and any dividends paid are recorded as income. This investment is considered a level 3 fair value measurement and its value will be evaluated for impairment periodically and when management identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment. There is no published market value for this private investment, so it is not practicable to value it at fair market value on a periodic basis.

Accrued Liabilities and Other

6 Months Ended

Dec. 31, 2015

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other

As of December 31, 2015 and June 30, 2015 our other current liabilities consisted of the following:



	December 31, 2015		June 30, 2015
Accrued incentive and other compensation	$	366,967	$	578,910
Asset retirement obligations due within one year	102,874		57,223
Accrued royalties, including suspended accounts	45,999		75,164
Accrued franchise taxes	63,792		94,885
Accrued restructuring charge	628,866		—
Other accrued liabilities	53,777		49,191
Accrued liabilities and other	$	1,262,275	$	855,373

Asset Retirement Obligations

6 Months Ended

Dec. 31, 2015

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and

remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a

reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2015, and for the year ended June 30, 2015:



	December 31, 2015			June 30, 2015
Asset retirement obligations — beginning of period	$	772,990		$	352,215
Liabilities incurred (a)	—			564,019
Liabilities settled	—			(137,604		)
Liabilities sold	—			(52,526		)
Accretion of discount	22,860			34,866
Revision of previous estimates	—			12,020
Asset retirement obligations — end of period	$	795,850		$	772,990
Less current portion in accrued liabilities	(102,874		)	(57,223		)
Long-term portion of asset retirement obligations	692,976			715,767

(a) Liabilities incurred during fiscal 2015 relate to our share of the the estimated abandonment costs of the wells and facilities in the Delhi field subsequent to the reversion of our working interest.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Dividends and Buyback Program Commencing in December 2013, the Board of Directors initiated a quarterly cash dividend on our common stock at a quarterly rate of $0.10 per share and subsequently adjusted this rate to $0.05 per share during the quarter ended March 31, 2015. During the six months ended December 31, 2015, the Company declared two quarterly dividends on its common stock and paid $3,268,319 to its common stockholders. On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Commencing in June 2015, 265,762 shares have been repurchased at an average price of $6.05 per share (totaling $1,609,008) including 202,390 shares purchased during the six months ended December 31, 2015, at an average price of $5.80 (totaling $1,173,899). Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and the repurchase program may be suspended or discontinued at any time. Such shares are initially recorded as treasury stock, then subsequently canceled. Series A Cumulative Perpetual Preferred Stock At December 31, 2015, there were 317,319 shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock outstanding. The Series A Cumulative Preferred Stock cannot be converted into our common stock and there are no sinking fund or redemption rights available to the holders thereof. Effective July 1, 2014, we can redeem this preferred stock at any time for the stated liquidation value of $25.00 per share plus accrued dividends. With respect to dividend rights and rights upon our liquidation, winding-up or dissolution, the Series A Preferred Stock ranks senior to our common stockholders, but subordinate to any of our existing and future debt. Dividends on the Series A Cumulative Preferred Stock accrue and accumulate at a fixed rate of 8.5% per annum on the $25.00 per share liquidation preference, payable monthly at $0.177083 per share, as, if and when declared by our Board of Directors through its Dividend Committee. We paid dividends of $337,151 to holders of our Series A Preferred Stock during each of the six month periods ended December 31, 2015 and 2014. Expected Tax Treatment of Dividends For the fiscal year ended June 30, 2015, 100% of cash dividends on preferred stock were treated as qualified dividend income. Approximately 86% of cash dividends on common shares were treated as a return of capital to stockholders and the remainder of 14% were treated as qualified dividend income. Based on our current projections for the fiscal year ending June 30, 2016, we expect all preferred and common dividends will be treated as qualified dividend income.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SAB TOPIC 4.C)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock-Based Incentive Plan

6 Months Ended

Dec. 31, 2015

Stock-Based Incentive Plan

Under the terms of the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "Plan"), we have granted option awards to purchase common stock (the "Stock Options"), restricted common stock awards ("Restricted Stock"), contingent restricted common stock awards ("Contingent Restricted Stock") and/or unrestricted fully vested common stock, to employees, directors, and consultants of the Company. The Plan authorizes the issuance of 6,500,000 shares of common stock prior to its expiration on October 24, 2017 and 257,188 shares remain available for grant as of December 31, 2015.

Stock Options

No Stock Options have been granted since August 2008 and all compensation costs attributable to Stock Options have been recognized in prior periods. The following summary presents information regarding outstanding Stock Options as of December 31, 2015, and the changes during the period:



	Number of Stock Options and Incentive Warrants		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Weighted Average Remaining Contractual Term (in years)
Stock Options outstanding at July 1, 2015	91,061		$	2.50
Expired	(5,830	)	4.02
Stock Options outstanding at December 31, 2015	85,231		2.40		$	205,305	0.9
Vested and exercisable at December 31, 2015	85,231		$	2.40	$	205,305	0.9

(1) Based upon the difference between the market price of our common stock on the last trading date of the period ($4.81 as of December 31, 2015) and the Stock Option exercise price of in-the-money Stock Options.

Restricted Stock and Contingent Restricted Stock

Prior to August 28, 2014, all Restricted Stock grants contained a four-year vesting period based solely on service. Restricted Stock which vests based solely on service is valued at the fair market value on the date of grant and amortized over the service period.

In August 2014 and in December 2015, the Company awarded grants of both Restricted Stock and Contingent Restricted Stock as part of its long-term incentive plan. Such grants, which expire after four years if unvested, contain service-based, performance-based and market-based vesting provisions. The common shares underlying the Restricted Stock grants were issued on the date of grant, whereas the Contingent Restricted Stock will be issued only upon the attainment of specified performance-based or market-based vesting provisions.

Performance-based grants vest upon the attainment of earnings, revenue and other operational goals and require that the recipient remain an employee of the Company through the vesting date. The Company recognizes compensation expense for performance-based awards ratably over the expected vesting period based on the grant date fair value when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the four- year term. As of December 31, 2015, certain performance-based awards were not considered probable of vesting for accounting purposes and no compensation expense has been recognized with regard to these awards. If these awards are later determined to be probable of vesting, cumulative compensation expense would be recorded at that time and amortization would continue over the remaining expected vesting period.

Market-based awards entitle employees to vest in a fixed number of shares when the three-year trailing total return on the Company’s common stock exceeds the corresponding total returns of various quartiles of companies comprising the SIG Exploration and Production Index (NASDAQ EPX) during defined measurement periods. The fair value and expected vesting period of these awards were determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other companies in the index. During the six months ended December 30, 2015, we granted market-based awards with fair values ranging from $2.93 to $5.07, all with an expected vesting period of 3.83 years, based on the various quartiles of comparative market performance. During fiscal year 2015, we had granted market-based awards with fair values ranging from $4.26 to $8.40 and with expected vesting periods of 3.30 years to 2.55 years, based on the various quartiles of comparative market performance. Compensation expense for market-based awards is recognized over the expected vesting period using the straight-line method, so long as the award holder remains an employee of the Company. Total compensation expense is based on the fair value of the awards at the date of grant and is independent of vesting or expiration of the awards, except for termination of service.

Unvested Restricted Stock awards at December 31, 2015 consisted of the following:



Award Type	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	214,269	7.50
Performance-based awards	120,386	7.92
Market-based awards	93,254	5.50
Unvested at December 31, 2015	427,909	$	7.18

The following table sets forth the Restricted Stock transactions for the six months ended December 31, 2015:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at December 31, 2015 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2015	262,227		$	9.37
Service-based shares granted	142,594		6.09
Performance-based shares granted	64,752		6.09
Market-based shares granted	64,752		4.58
Vested	(74,949	)	8.62
Forfeited	(31,467	)	9.39
Unvested at December 31, 2015	427,909		$	7.18	$	2,298,812	2.9

(1) Excludes $559,121 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Unvested Contingent Restricted Stock awards at December 31, 2015 consisted of the following:



Award Type	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	60,196	$	7.92
Market-based awards	46,630	3.34
Unvested at December 31, 2015	106,826	$	5.92

The following table sets forth Contingent Restricted Stock transactions for the six months ended December 31, 2015:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at December 31, 2015 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2015	56,286		$	8.20
Performance-based awards granted	32,376		6.09
Market-based awards granted	32,376		2.93
Forfeited	(14,212	)	8.54
Unvested at December 31, 2015	106,826		$	5.92	$	128,898	3.2

(1) Excludes $476,761 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Stock-based compensation expense related to Restricted Stock and contingent Restricted Stock grants for the three months ended December 31, 2015 and 2014 was $272,063 and $245,020, respectively. For the six months ended December 31, 2015 and 2014, this expense was $490,178 and $488,357, respectively.

Derivatives

6 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

In early June 2015, the Company began using derivative instruments to reduce its exposure to oil price volatility for a substantial portion of its near-term forecasted production to achieve a more predictable level of cash flows to support the Company’s capital expenditure program and to provide better financial visibility for the payment of dividends on common stock. The costless collars the Company uses to manage risk are designed to establish floor and ceiling prices on anticipated future oil production. While the use of these derivative instruments limits the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. We also use swap agreements in which we exchange our exposure to floating crude spot prices for a fixed price for our production over a period of time.

The Company does not enter into derivative instruments for speculative or trading purposes.

The Company accounts for derivatives under the provisions of ASC 815 Derivatives and Hedging under which the Company records the fair value of the instruments on the balance sheet at each reporting date with changes in fair value recognized in income. Given cost and complexity considerations, the Company did not elect to use cash flow hedge accounting provided under ASC 815. Under cash flow hedge accounting, the effective portion of the change in fair value of the derivative instruments would be deferred in other comprehensive income and not recognized in earnings until the underlying hedged item impacts earnings.

These derivative instruments can result in both fair value asset and liability positions held with that counterparty, which positions are all offset to a single fair value asset or liability at the end of each reporting period. The Company nets its fair value amounts of derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The fair value derivative instruments where the Company is in a net asset position with its counterparty as of December 31, 2015 totaled $1,323,749. Refer to Note 12—Fair Value Measurement for derivative asset and derivative liability balances before offsetting.

The Company monitors the credit rating of its counterparties and believes it does not have significant credit risk. Accordingly, we do not currently require our counterparties to post collateral to support the net asset positions of our derivative instruments. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties to its derivative instruments.

For the six months ended December 31, 2015, the Company recorded in the consolidated statement of operations a gain on derivative instruments of $3,598,351 consisting of a realized gain of $2,164,628 on settled derivatives and an unrealized net gain of $1,433,723 on unsettled derivatives.

The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX WTI prices as of December 31, 2015.

Subsequent to December 31, 2015, the Company realized a gain of $677,703 on derivative contracts which expired at the end of January 2016. We had previously recorded an unrealized gain of $483,839 on these contracts as of December 31, 2015.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value Measurement

6 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurement

Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.

The three levels are defined as follows:

Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

Fair Value of Derivative Instruments. The following table summarize the location and amounts of the Company’s assets and liabilities measured at fair value on a recurring basis as presented in the consolidated balance sheets as of December 31, 2015. All items included in the tables below are Level 2 inputs within the fair value hierarchy:



	December 31, 2015
Asset (Liability)	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheets
Current derivative assets	$	1,323,749	$	—	$	1,323,749
Current derivative liabilities	—		—		—
Total	$	1,323,749	$	—	$	1,323,749

The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The fair values are also compared to the values provided by the counterparty for reasonableness and are adjusted for the counterparty's credit quality for derivative assets and the Company’s credit quality for derivative liabilities. To date, adjustments for credit quality have not had a material impact on the fair values.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits nor any accrued interest or penalties associated with unrecognized tax benefits during the six months ended December 31, 2015. We believe we have appropriate support for the income tax positions taken and to be taken on our tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the years ending June 30, 2012 through June 30, 2014 for federal tax purposes and for the years ended June 30, 2011 through June 30, 2014 for state tax purposes. Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the state of Louisiana, with smaller differences related to stock based compensation and other permanent differences. Statutory percentage depletion gives rise to a permanent difference in our tax rates when utilized for state or federal income tax purposes. In late September 2015, we received a $1.5 million refund payment of cash taxes paid to the State of Louisiana over a three-year period ended June 30, 2014. We also received $57,467 from the State of Louisiana for interest on the refund and recorded it as a reduction of current income tax expense. This carryback of tax losses resulted from the exercise of stock options and incentive warrants in fiscal 2014 and, accordingly, we recognized this benefit as an increase in additional paid-in capital for financial reporting purposes. This carryback utilized approximately $19.1 million of an estimated $24.2 million net loss for state tax purposes. The remaining balance of this net loss carryforward in Louisiana was utilized in the tax return for the year ended June 30, 2015. We recognized income tax expense of $2,123,858 and $1,624,038 for the six months ended December 31, 2015 and 2014, respectively, with corresponding effective rates of 35% and 41%. The lower effective tax rate in 2015 resulted from a lesser amount of taxable income in the state of Louisiana.

Net Income Per Share

6 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Net Income Per Share

The following table sets forth the computation of basic and diluted income per share:



	Three Months Ended December 31,				Six Months Ended December 31,
	2015		2014		2015		2014
Numerator
Net income available to common shareholders	$	654,697	$	1,071,342	$	3,578,349	$	2,031,777
Denominator
Weighted average number of common shares — Basic	32,741,166		32,825,631		32,729,705		32,754,016
Effect of dilutive securities:
Contingent restricted stock grants	9,795		6,432		9,322		1,785
Stock options	51,479		115,217		50,434		128,953
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,802,440		32,947,280		32,789,461		32,884,754

Net income per common share — Basic	$	0.02	$	0.03	$	0.11	$	0.06
Net income per common share — Diluted	$	0.02	$	0.03	$	0.11	$	0.06

Outstanding potentially dilutive securities as of December 31, 2015 were as follows:



Outstanding Potential Dilutive Securities	Weighted Average Exercise Price		At December 31, 2015
Contingent Restricted Stock grants (a)	$	—	46,630
Stock Options	2.40		85,231
	$	1.55	131,861

Outstanding potentially dilutive securities as of December 31, 2014 were as follows:



Outstanding Potential Dilutive Securities	Weighted Average Exercise Price		At December 31, 2014
Contingent Restricted Stock grants (a)	$	—	17,961
Stock Options	2.25		141,061
	$	2.00	159,022

(a) Contingent Restricted Stock grants for which vesting is not considered probable for accounting purposes are excluded from securities outstanding.

Unsecured Revolving Credit Agreement	6 Months Ended
Unsecured Revolving Credit Agreement	Dec. 31, 2015
Debt Disclosure [Abstract]
Unsecured Revolving Credit Agreement	Unsecured Revolving Credit Agreement On February 29, 2012, Evolution Petroleum Corporation entered into a Credit Agreement (the "Credit Agreement") with Texas Capital Bank, N.A. (the "Lender"). The Credit Agreement provides the Company with a revolving credit facility (the “facility”) in an amount up to $50,000,000 with availability governed by an Initial Borrowing Base of $5,000,000. A portion of the facility not in excess of $1,000,000 is available for the issuance of letters of credit. The facility is unsecured and has a term of four years, expiring on February 29, 2016. The Company's subsidiaries guarantee the Company's obligations under the facility. The proceeds of any loans under the facility may be used by the Company for the acquisition and development of oil and gas properties, as defined in the facility, the issuance of letters of credit, and for working capital and general corporate purposes. Semi-annually, the borrowing base and a monthly reduction amount are re-determined from reserve reports. Requests by the Company to increase the $5,000,000 initial amount are subject to the Lender’s credit approval process, and are also limited to 25% of the value of our oil and gas properties, as defined in the Credit Agreement. At the Company's option, borrowings under the facility bear interest at a rate of either (i) an Adjusted LIBOR rate (LIBOR rate divided by the remainder of 1 less the Lender’s Regulation D reserve requirement), or (ii) an adjusted Base Rate equal to the greater of the Lender’s prime rate or the sum of 0.50% plus the Federal Funds Rate. A maximum of three LIBOR based loans can be outstanding at any time. Allowed loan interest periods are one, two, three and six months. LIBOR interest is payable at the end of the interest period except for six-month loans for which accrued interest is payable at three months and at end of term. Base Rate interest is payable monthly. Letters of credit bear fees of 3.5% per annum rate applied to the principal amount and are due when transacted. The maximum term of letters of credit is one year. A commitment fee of 0.50% per annum accrues on unutilized availability and is payable quarterly. The Company is responsible for certain administrative expenses of the Lender over the life of the Credit Agreement as well as $50,000 in loan costs incurred upon closing. The Credit Agreement also contains financial covenants including a requirement that the Company maintain a current ratio of not less than 1.5 to 1; a ratio of total funded Indebtedness to EBITDA of not more than 2.5 to 1, and a ratio of EBITDA to interest expense of not less than 3 to 1. The agreement specifies certain customary covenants, including restrictions on the Company and its subsidiaries from pledging their assets, incurring defined Indebtedness outside of the facility other than permitted indebtedness, and it restricts certain asset sales. Payments of dividends for the Series A Preferred are only restricted by the EBITDA to interest coverage ratio, wherein such dividends are a 1X deduction from EBITDA (as opposed to a 3:1 requirement if dividends were treated as interest expense). The Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the Lender may declare any amounts outstanding under the Credit Agreement to be immediately due and payable. As of December 31, 2015 and 2014, the Company had no borrowings and no outstanding letters of credit issued under the facility, resulting in an available borrowing base capacity of $5,000,000, and we are in compliance with all the covenants of the Credit Agreement. During early 2014 the Lender waived the provisions of the Credit Agreement pertaining to the past payments of cash dividends on our common stock, and the Credit Agreement was amended to permit the payment of cash dividends on common stock in the future if no borrowings are outstanding at the time of such payment. In connection with this agreement, the Company incurred $179,468 of debt issuance costs that have been capitalized in Other Assets and are being amortized on a straight-line basis over the term of the agreement. The unamortized balance in debt issuance costs related to the Credit Agreement was $8,093 as of December 31, 2015. The Company is in discussions with the Lender to extend the maturity, renew the current unsecured Credit Agreement or seek a similar source of bank financing.

Commitments and Contingencies

6 Months Ended

Dec. 31, 2015

Commitments and Contingencies

We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a loss through impairment of an asset or the incurrence of a liability. We accrue a loss if we believe it is probable that a future event or events will confirm a loss and we can reasonably estimate such loss and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable. We expense legal defense costs as they are incurred.

On December 13, 2013, we and our wholly-owned subsidiaries, Tertiaire Resources Company and NGS Sub. Corp., filed a lawsuit in the 133^rd Judicial District Court of Harris County, Texas, against Denbury Onshore, LLC (“Denbury”) alleging breaches of certain 2006 agreements between the parties regarding the Delhi field in Richland Parish, Louisiana. The specific allegations include improperly charging the payout account for capital expenditures and costs of capital, failure to adhere to preferential rights to participate in acquisitions within the defined area of mutual interest, breach of the promises to assume environmental liabilities and fully indemnify us from such costs, and other breaches. We also alleged that Denbury’s gross negligence caused certain environmental damage to the unit. Specifically, we allege that Denbury failed to properly conduct CO₂ injection activities. We are seeking declaration of the validity of the 2006 agreements and recovery of damages and attorneys’ fees. Denbury subsequently filed counterclaims, including the assertion that we owe Denbury additional revenue interests pursuant to the 2006 agreements and that our transfers of the reversionary interests from our wholly owned subsidiary to our parent corporation and subsequently to another wholly-owned subsidiary were not timely noticed to Denbury. The Company disagrees with, and is vigorously defending against, Denbury's counterclaims. In March 2015, we amended and expanded our claims in this matter. This matter is set for trial in April 2016.

On December 3, 2013, our wholly owned subsidiary, NGS Sub Corp., was served with a lawsuit filed in the 8th Judicial District Court of Winn Parish, Louisiana by Cecil M. Brooks and Brandon Hawkins, residents of Louisiana, alleging that in 2006 a former subsidiary of NGS Sub Corp. improperly disposed of water from an off-lease well into a well located on the plaintiffs’ lands in Winn Parish. The plaintiffs requested monetary damages and other relief. NGS Sub Corp. divested its ownership of the property in question along with its ownership of the subsidiary in 2008 to a third party. The district court granted our exception of no right of action and dismissed certain claims against NGS Sub Corp. The plaintiffs subsequently filed an amended petition naming NGS Sub Corp. and the Company as defendants. NGS Sub Corp. and the Company have denied the plaintiffs’ claims. Various pretrial motions filed on behalf of multiple parties were recently decided by the court and discovery is in process. We will continue to vigorously defend all claims by plaintiffs and consider the likelihood of a material loss to the Company in this matter to be remote.

Lease Commitments. We have a non-cancelable operating lease for office space that expires on July 31, 2016. Future minimum lease commitments as of December 31, 2015 under this operating lease are as follows:



Twelve months ended December 31,
2016	$	92,756

Rent expense for the three months ended December 31, 2015 and 2014 was $45,857 and $43,776, respectively. For the six months ended December 31, 2015 and 2014, rent expense was $90,900 and $87,551.

Capital Expenditures. See Note 5 for discussion of capital projects in progress and expected remaining capital commitments.

Organization and Basis of Preparation (Policies)	6 Months Ended
Organization and Basis of Preparation (Policies)	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our consolidated financial statements include the accounts of EPM and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements for the previous year include certain reclassifications that were made to conform to the current presentation. Such reclassifications have no impact on previously reported net income or stockholders' equity.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
New Accounting Pronouncement	New Accounting Pronouncement. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” as part of their simplification initiatives. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The update is effective for public company annual reporting periods beginning after December 15, 2016, and may be adopted prospectively or retrospectively with early adoption is permitted. At present, the Company does not believe that adoption of this update will have a material impact on our results of operations, financial position or cash flows.

Recent Events (Tables)

6 Months Ended

Dec. 31, 2015

Restructuring and Related Activities [Abstract]

Schedule of restructuring changes by type of cost

ur estimate of accounting charges related to the personnel restructuring as of December 31, 2015 is as follows:



Type of Cost	December 31, 2015
Salary expense	$	530,387
Payroll taxes and benefits expense	98,479
Stock compensation expense	59,339
Personnel restructuring charge	$	688,205

Receivables (Tables)

6 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Schedule of Receivables

As of December 31, 2015 and June 30, 2015 our receivables consisted of the following:



	December 31, 2015		June 30, 2015
Receivables from oil and gas sales	$	1,945,397	$	3,122,155
Receivable from settled derivatives	602,649		—
Other	9,685		318
Total receivables	$	2,557,731	$	3,122,473

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Dec. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets

As of December 31, 2015 and June 30, 2015 our prepaid expenses and other current assets consisted of the following:



	December 31, 2015		June 30, 2015
Prepaid insurance	$	133,927	$	178,994
Equipment inventory (a)	—		81,538
Retainers and deposits	26,978		26,978
Prepaid federal and state income taxes	204,694		22,542
Other prepaid expenses	30,419		59,352
Prepaid expenses and other current assets	$	396,018	$	369,404

Property and Equipment (Tables)

6 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment

As of December 31, 2015 and June 30, 2015 our oil and natural gas properties and other property and equipment consisted of the following:



	December 31, 2015			June 30, 2015
Oil and natural gas properties
Property costs subject to amortization	$	64,024,239		$	57,718,653
Less: Accumulated depreciation, depletion, and amortization	(14,974,989		)	(12,531,767		)
Unproved properties not subject to amortization	—			—
Oil and natural gas properties, net	$	49,049,250		$	45,186,886
Other property and equipment
Other equipment, at cost	$	337,245		$	607,674
Less: Accumulated depreciation	(298,966		)	(330,918		)
Other equipment, net	$	38,279		$	276,756

Other Assets (Tables)

6 Months Ended

Dec. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets

As of December 31, 2015 and June 30, 2015 other assets consisted of the following:



	December 31, 2015			June 30, 2015
Royalty rights	$	108,512		$	—
Investment in Well Lift Inc., at cost	108,750			—
Trademarks	—			44,803
Patent costs	—			538,276
Less: Accumulated amortization of patent costs	—			(47,063		)
Deferred loan costs	179,468			337,078
Less: Accumulated amortization of deferred loan costs	(171,375		)	(147,057		)
Other assets, net	$	225,355		$	726,037

Accrued Liabilities and Other (Tables)

6 Months Ended

Dec. 31, 2015

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities

As of December 31, 2015 and June 30, 2015 our other current liabilities consisted of the following:



	December 31, 2015		June 30, 2015
Accrued incentive and other compensation	$	366,967	$	578,910
Asset retirement obligations due within one year	102,874		57,223
Accrued royalties, including suspended accounts	45,999		75,164
Accrued franchise taxes	63,792		94,885
Accrued restructuring charge	628,866		—
Other accrued liabilities	53,777		49,191
Accrued liabilities and other	$	1,262,275	$	855,373

Asset Retirement Obligations (Tables)

6 Months Ended

Dec. 31, 2015

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a

reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2015, and for the year ended June 30, 2015:



	December 31, 2015			June 30, 2015
Asset retirement obligations — beginning of period	$	772,990		$	352,215
Liabilities incurred (a)	—			564,019
Liabilities settled	—			(137,604		)
Liabilities sold	—			(52,526		)
Accretion of discount	22,860			34,866
Revision of previous estimates	—			12,020
Asset retirement obligations — end of period	$	795,850		$	772,990
Less current portion in accrued liabilities	(102,874		)	(57,223		)
Long-term portion of asset retirement obligations	692,976			715,767

Stock-Based Incentive Plan (Tables)

6 Months Ended

Dec. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of information regarding outstanding Stock Options and Incentive Warrants and the changes during the fiscal year

The following summary presents information regarding outstanding Stock Options as of December 31, 2015, and the changes during the period:



	Number of Stock Options and Incentive Warrants		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Weighted Average Remaining Contractual Term (in years)
Stock Options outstanding at July 1, 2015	91,061		$	2.50
Expired	(5,830	)	4.02
Stock Options outstanding at December 31, 2015	85,231		2.40		$	205,305	0.9
Vested and exercisable at December 31, 2015	85,231		$	2.40	$	205,305	0.9

Schedule of Restricted Stock transactions

Unvested Contingent Restricted Stock awards at December 31, 2015 consisted of the following:



Award Type	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value
Performance-based awards	60,196	$	7.92
Market-based awards	46,630	3.34
Unvested at December 31, 2015	106,826	$	5.92

Unvested Restricted Stock awards at December 31, 2015 consisted of the following:



Award Type	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Service-based awards	214,269	7.50
Performance-based awards	120,386	7.92
Market-based awards	93,254	5.50
Unvested at December 31, 2015	427,909	$	7.18

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth the Restricted Stock transactions for the six months ended December 31, 2015:



	Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at December 31, 2015 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2015	262,227		$	9.37
Service-based shares granted	142,594		6.09
Performance-based shares granted	64,752		6.09
Market-based shares granted	64,752		4.58
Vested	(74,949	)	8.62
Forfeited	(31,467	)	9.39
Unvested at December 31, 2015	427,909		$	7.18	$	2,298,812	2.9

(1) Excludes $559,121 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Contingent Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth Contingent Restricted Stock transactions for the six months ended December 31, 2015:



	Number of Contingent Restricted Shares		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at December 31, 2015 (1)		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2015	56,286		$	8.20
Performance-based awards granted	32,376		6.09
Market-based awards granted	32,376		2.93
Forfeited	(14,212	)	8.54
Unvested at December 31, 2015	106,826		$	5.92	$	128,898	3.2

(1) Excludes $476,761 of potential future compensation expense for performance-based awards for which vesting is not considered probable at this time for accounting purposes.

Derivatives (Tables)

6 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of crude oil derivatives positions

The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX WTI prices as of December 31, 2015.

Schedule of assets and liabilities measured on a recurring basis

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurement (Tables)

6 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]



	December 31, 2015
Asset (Liability)	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheets
Current derivative assets	$	1,323,749	$	—	$	1,323,749
Current derivative liabilities	—		—		—
Total	$	1,323,749	$	—	$	1,323,749

Net Income Per Share (Tables)

6 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income per share

The following table sets forth the computation of basic and diluted income per share:



	Three Months Ended December 31,				Six Months Ended December 31,
	2015		2014		2015		2014
Numerator
Net income available to common shareholders	$	654,697	$	1,071,342	$	3,578,349	$	2,031,777
Denominator
Weighted average number of common shares — Basic	32,741,166		32,825,631		32,729,705		32,754,016
Effect of dilutive securities:
Contingent restricted stock grants	9,795		6,432		9,322		1,785
Stock options	51,479		115,217		50,434		128,953
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	32,802,440		32,947,280		32,789,461		32,884,754

Net income per common share — Basic	$	0.02	$	0.03	$	0.11	$	0.06
Net income per common share — Diluted	$	0.02	$	0.03	$	0.11	$	0.06

Schedule of outstanding potentially dilutive securities

Outstanding potentially dilutive securities as of December 31, 2015 were as follows:



Outstanding Potential Dilutive Securities	Weighted Average Exercise Price		At December 31, 2015
Contingent Restricted Stock grants (a)	$	—	46,630
Stock Options	2.40		85,231
	$	1.55	131,861

Outstanding potentially dilutive securities as of December 31, 2014 were as follows:



Outstanding Potential Dilutive Securities	Weighted Average Exercise Price		At December 31, 2014
Contingent Restricted Stock grants (a)	$	—	17,961
Stock Options	2.25		141,061
	$	2.00	159,022

Commitments and Contingencies (Tables)

6 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease commitments under the operating lease

Future minimum lease commitments as of December 31, 2015 under this operating lease are as follows:



Twelve months ended December 31,
2016	$	92,756

Recent Events - Restructuring Charges (Details) - USD ($)

3 Months Ended

6 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

^[1]

$ 1,257,433

$ (5,431)

$ 1,257,433

$ (5,431)

GARP

688,205

GARP | Salary expense

GARP | Payroll taxes and benefits expense

530,387

GARP | Stock compensation expense

98,479

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

$ 59,339

[1]	Restructuring charges include $569,228 of non-cash impairment charges and $59,339 of non-cash stock-based compensation for the three months and six months ended December 31, 2015.

Recent Events - Investments in Well Lift Inc (Details) - USD ($)		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Jun. 30, 2015
Schedule of Cost-method Investments [Line Items]
Investment in Well Lift Inc., at cost	$ 108,750	$ 108,750	$ 0
Well Lift Inc.
Schedule of Cost-method Investments [Line Items]
Investment in Well Lift Inc., at cost	$ 108,750	$ 108,750
Owner percentage	17.50%	17.50%
Ownership percentage after conversion of preferred stock into common stock	42.50%	42.50%
Perpetual royalty percentage		5.00%
Well Lift Inc. \| GARP \| Exchange of Assets
Schedule of Cost-method Investments [Line Items]
Discounted net present value of assets	$ 108,512	$ 108,512
Amortization expense		469,395
Inventory write down to production costs	92,901
Depreciation expense		$ 6,932
Total impairments	$ 569,228

Receivables (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Receivables [Abstract]
Receivables from oil and gas sales	$ 1,945,397	$ 3,122,155
Receivable from settled derivatives	602,649	0
Other	9,685	318
Total receivables	$ 2,557,731	$ 3,122,473

Prepaid Expenses and Other Current Assets (Details) - USD ($)

Dec. 31, 2015

Jun. 30, 2015

Prepaid insurance

$ 133,927

$ 178,994

Equipment inventory (a)

^[1]

81,538

Retainers and deposits

26,978

Prepaid federal and state income taxes

204,694

22,542

Other prepaid expenses

30,419

59,352

Prepaid expenses and other current assets

$ 396,018

$ 369,404

[1]	As discussed in Note 2, our equipment inventory was determined to have no future value in use for our operations and was charged to restructuring costs as part of the separation of our GARP® artificial lift technology operations.

Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Capital expenditures			$ (2,442,183)	$ 1,410,420
Capital costs charged to expense	$ 1,471,571	$ 917,757	2,689,844	$ 1,287,107
Oil and natural gas properties
Property costs subject to amortization	64,024,239		64,024,239		$ 57,718,653
Less: Accumulated depreciation, depletion, and amortization	(14,974,989)		(14,974,989)		(12,531,767)
Unproved properties not subject to amortization	0		0		0
Oil and natural gas properties, net	49,049,250		49,049,250		45,186,886
Other property and equipment
Other equipment, at cost	337,245		337,245		607,674
Less: Accumulated depreciation	(298,966)		(298,966)		(330,918)
Other equipment, net	38,279		$ 38,279		$ 276,756
Artificial lift equipment
Property, Plant and Equipment [Line Items]
Capital costs charged to expense	210,392
Delhi field
Property, Plant and Equipment [Line Items]
Capital expenditures	6,300,000
NGL Plant Project
Property, Plant and Equipment [Line Items]
Capital expenditures	4,400,000
Incurred costs on a cumulative basis	9,400,000
Total authorized commitment	$ 24,600,000

Other Assets (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty rights	$ 108,512	$ 0
Investment in Well Lift Inc., at cost	108,750	0
Trademarks	0	44,803
Patent costs	0	538,276
Less: Accumulated amortization of patent costs	0	(47,063)
Deferred loan costs	179,468	337,078
Less: Accumulated amortization of deferred loan costs	(171,375)	(147,057)
Other assets, net	$ 225,355	$ 726,037

Other Assets - Additional Information (Details) - Revolving credit facility - Texas Capital Bank, N.A.	6 Months Ended
	Dec. 31, 2015 USD ($)
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 8,093
Delhi field
Line of Credit Facility [Line Items]
Deferred legals fee	50,414
Costs incurred for title work related to the Dehli Field	$ 108,472

Accrued Liabilities and Other (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 366,967	$ 578,910
Asset retirement obligations due within one year	102,874	57,223
Accrued royalties, including suspended accounts	45,999	75,164
Accrued franchise taxes	63,792	94,885
Accrued restructuring charge	628,866	0
Other accrued liabilities	53,777	49,191
Accrued liabilities and other	$ 1,262,275	$ 855,373

Asset Retirement Obligations (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Jun. 30, 2015

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset retirement obligations — beginning of period

$ 772,990

$ 352,215

Liabilities incurred

^[1]

564,019

Liabilities settled

(137,604)

Liabilities sold

(52,526)

Accretion of discount

$ 11,517

$ 8,137

22,860

$ 12,773

34,866

Revision of previous estimates

12,020

Asset retirement obligations — end of period

795,850

772,990

Less current portion in accrued liabilities

(102,874)

(57,223)

Long-term portion of asset retirement obligations

$ 692,976

$ 715,767

[1]	Liabilities incurred during fiscal 2015 relate to our share of the the estimated abandonment costs of the wells and facilities in the Delhi field subsequent to the reversion of our working interest.

Stockholders' Equity - Common Stock Dividends and Buyback Program (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares	Dec. 31, 2013 $ / shares	Mar. 31, 2015 $ / shares	Dec. 31, 2015 USD ($) quarterly_dividend $ / shares shares	May 12, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend (in dollars per share) \| $ / shares		$ 0.10	$ 0.05
Cash dividends to common stockholders				$ 3,268,319
Value of shares repurchased				$ 1,184,460
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of quarterly dividends declared \| quarterly_dividend				2
Number of shares repurchased \| shares				204,391
Common Stock \| 2015 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount to be repurchased					$ 5,000,000
Number of shares repurchased \| shares	265,762			202,390
Average price of shares repurchased (in dollars per share) \| $ / shares	$ 6.05			$ 5.80
Value of shares repurchased	$ 1,609,008			$ 1,173,899

Stockholders' Equity - Series A Cumulative Perpetual Preferred Stock (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Series A Cumulative Perpetual Preferred Stock
Cash dividends to preferred stockholders	$ 337,151	$ 337,151
Preferred
Series A Cumulative Perpetual Preferred Stock
Percentage of cash dividends treated as qualified dividend income			100.00%
Common Stock
Series A Cumulative Perpetual Preferred Stock
Percentage of cash dividends treated as qualified dividend income			14.00%
Percentage of cash dividends treated as return of capital			86.00%
Series A cumulative perpetual preferred stock
Series A Cumulative Perpetual Preferred Stock
Number of shares sold of series A cumulative perpetual preferred stock	317,319
Preferred stock dividend rate (as a percent)	8.50%		8.50%
Amount of sinking fund available to stockholders	$ 0
Preferred stock, liquidation preference (in dollars per share)	$ 25.00		$ 25.00
Dividend payable monthly on preferred stock (in dollars per share)	$ 0.177083
Cash dividends to preferred stockholders	$ 337,151	$ 337,151

Stock-Based Incentive Plan - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 27, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Stock-based compensation expense		$ 272,063	$ 245,020	$ 490,178	$ 488,357
2004 Stock Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan		6,500,000		6,500,000
Number of shares remaining available for grant under plan		257,188		257,188
2004 Stock Plan \| Restricted Stock
Stock-Based Incentive Plan
Vesting period (in years)	4 years
2004 Stock Plan \| Restricted Stock and Contingent Restricted Stock
Stock-Based Incentive Plan
Expiration period (in years)				4 years
2004 Stock Plan \| Performance-based Awards
Stock-Based Incentive Plan
Vesting period (in years)				4 years

Stock-Based Incentive Plan - Stock Options and Incentive Warrants (Details)

6 Months Ended

Dec. 31, 2015

USD ($)

$ / shares

Common Stock

Additional disclosures of Stock Options and Incentive Warrants

Market price of common stock on the last trading date of the period (in dollars per share)

$ 4.81

Stock Options and Incentive Warrants

Number of Stock Options and Incentive Warrants

Stock Options and Incentive Warrants outstanding at the beginning of the period (in shares) | shares

91,061

Stock Options and Incentive Warrants, Expired (in shares) | shares

(5,830)

Stock Options and Incentive Warrants outstanding at the end of the period (in shares) | shares

85,231

Vest and Exercisable at the end of the period (in shares) | shares

85,231

Weighted Average Exercise Price

Stock Options and Incentive Warrants outstanding at the beginning of the period (in dollars per share)

$ 2.50

Stock Options and Incentive Warrants, Expired (in dollars per share)

4.02

Stock Options and Incentive Warrants outstanding at the end of the period (in dollars per share)

2.40

Vested and Exercisable at the end of the period (in dollars per share)

$ 2.40

Stock Options and Incentive Warrants outstanding at the end of the period | $

$ 205,305

^[1]

Vested and Exercisable at the end of the period (in dollars) | $

$ 205,305

^[1]

Stock Options and Incentive Warrants outstanding at the end of the period

10 months 24 days

Vested and Exercisable at the end of the period

10 months 24 days

[1]	Based upon the difference between the market price of our common stock on the last trading date of the period ($4.81 as of December 31, 2015) and the Stock Option exercise price of in-the-money Stock Options.

Stock-Based Incentive Plan - Fair Value Inputs and Assumptions (Details) - Restricted Stock, Market-Based - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 4.58
Vesting period	3 years 303 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 2.93	$ 4.26
Vesting period		3 years 109 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at grant date, per share (in dollars per share)	$ 5.07	$ 8.40
Vesting period		2 years 200 days

Stock-Based Incentive Plan - Unvested Restricted Stock (Details)

6 Months Ended

Dec. 31, 2015

USD ($)

$ / shares

Restricted Stock, Service-Based

Unvested at the end of the period (in shares) | shares

142,594

214,269

Unvested at the end of the period (in dollars per share) | $ / shares

$ 6.09

$ 7.50

Restricted Stock, Performance-Based

Stock-Based Incentive Plan

Potential future compensation expense | $

$ 559,121

Unvested at the end of the period (in shares) | shares

64,752

120,386

Unvested at the end of the period (in dollars per share) | $ / shares

$ 6.09

$ 7.92

Restricted Stock, Market-Based

Unvested at the end of the period (in shares) | shares

64,752

93,254

Unvested at the end of the period (in dollars per share) | $ / shares

$ 4.58

$ 5.50

Restricted Stock

Unvested at the beginning of the period (in shares) | shares

262,227

Vested (in shares) | shares

(74,949)

Forfeited (in shares) | shares

(31,467)

Unvested at the end of the period (in shares) | shares

427,909

Unvested at the beginning of the period (in dollars per share) | $ / shares

$ 9.37

Vested (in dollars per share) | $ / shares

8.62

Forfeited (in dollars per share) | $ / shares

9.39

Unvested at the end of the period (in dollars per share) | $ / shares

$ 7.18

Additional disclosures of restricted stock

Unrecognized stock compensation expense related to Restricted Stock | $

$ 2,298,812

^[1]

Weighted average remaining service period over which unrecognized compensation cost is expected to be recognized

2 years 10 months 24 days

Contingent Restricted Stock, Performance-Based

Stock-Based Incentive Plan

Potential future compensation expense | $

$ 476,761

Unvested at the end of the period (in shares) | shares

32,376

60,196

Unvested at the end of the period (in dollars per share) | $ / shares

$ 6.09

$ 7.92

Contingent Restricted Stock, Market-Based

Unvested at the end of the period (in shares) | shares

32,376

46,630

Unvested at the end of the period (in dollars per share) | $ / shares

$ 2.93

$ 3.34

Contingent Restricted Stock

Unvested at the beginning of the period (in shares) | shares

56,286

Forfeited (in shares) | shares

(14,212)

Unvested at the end of the period (in shares) | shares

106,826