View Filing Data

Document And Entity Information	9 Months Ended
Document And Entity Information	Mar. 31, 2012 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	FLEXSTEEL INDUSTRIES INC
Entity Central Index Key	0000037472
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	6,795,506

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Jun. 30, 2011
ASSETS
Cash	$ 19,273	$ 17,889
Trade receivables - less allowance for doubtful accounts: December 31, 2011, $1,910; June 30, 2011, $2,000	33,835	31,451
Inventories	75,479	73,680
Deferred income taxes	4,050	3,700
Other	1,735	1,633
Total current assets	134,372	128,353
NON-CURRENT ASSETS:
Property, plant and equipment, net	25,731	21,387
Deferred income taxes	2,490	2,560
Other assets	12,831	12,377
TOTAL	175,424	164,677
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable - trade	9,322	9,899
Accrued liabilities:
Payroll and related items	7,983	6,922
Insurance	5,614	5,645
Other Accrued Liabilities, Current	7,843	5,204
Total current liabilities	30,762	27,670
LONG-TERM LIABILITIES:
Deferred compensation	5,473	5,270
Other liabilities	2,946	3,164
Total liabilities	39,181	36,104
SHAREHOLDERS' EQUITY:
Cumulative preferred stock - $50 par value; authorized 60,000 shares; outstanding - none
Undesignated (subordinated) stock - $1 par value; authorized 700,000 shares; outstanding - none
Common stock - $1 par value; authorized 15,000,000 shares; outstanding December 31, 2011, 6,764,236 shares; outstanding June 30, 2011, 6,710,612 shares	6,795	6,711
Additional paid-in capital	7,568	6,698
Retained earnings	122,336	115,699
Accumulated other comprehensive loss	(456)	(535)
Total shareholders' equity	136,243	128,573
TOTAL	$ 175,424	$ 164,677

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2012	Jun. 30, 2011
Consolidated Balance Sheets [Abstract]
Trade receivables, allowance for doubtful accounts	$ 1,920	$ 2,000
Cumulative Preferred stock, par value	$ 50	$ 50
Cumulative Preferred stock, authorized	60,000	60,000
Cumulative Preferred stock, outstanding	0	0
Undesignated (subordinated) stock, par value	$ 1	$ 1
Undesignated (subordinated) stock, authorized	700,000	700,000
Undesignated (subordinated) stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	15,000,000	15,000,000
Common stock, outstanding	6,795,506	6,710,612

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Operations [Abstract]
NET SALES	$ 91,631	$ 85,175	$ 258,153	$ 255,226
COST OF GOODS SOLD	(69,533)	(66,968)	(196,633)	(198,589)
GROSS MARGIN	22,098	18,207	61,520	56,637
SELLING, GENERAL AND ADMINISTRATIVE	(16,975)	(14,561)	(48,071)	(44,966)
FACILITY CLOSING COSTS	0	0	0	(1,016)
OPERATING INCOME	5,123	3,646	13,449	10,655
OTHER INCOME	140	129	310	244
INCOME BEFORE INCOME TAXES	5,263	3,775	13,759	10,899
PROVISION FOR INCOME TAXES	(1,920)	(1,320)	(5,090)	(3,970)
NET INCOME	$ 3,343	$ 2,455	$ 8,669	$ 6,929
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic	6,777	6,710	6,756	6,687
Diluted	7,017	6,968	6,970	6,910
EARNINGS PER SHARE OF COMMON STOCK:
Basic	$ 0.49	$ 0.37	$ 1.28	$ 1.04
Diluted	0.48	0.35	1.24	1.00
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.1	$ 0.075	$ 0.3	$ 0.225

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 3,343	$ 2,455	$ 8,669	$ 6,929
UNREALIZED (LOSSES) GAINS ON SECURITIES	334	82	127	575
INCOME TAX BENEFIT (EXPENSE) RELATED TO SECURITIES (LOSSES) GAINS	(127)	(31)	(48)	(218)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	207	51	79	357
COMPREHENSIVE INCOME	$ 3,550	$ 2,506	$ 8,748	$ 7,286

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment.

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- Definition

Tax effect of the change in accumulated other comprehensive income, that is, the tax effect on items included in other comprehensive income during the period that is attributable to the parent entity. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

+ Details

- Definition

Gross appreciation or the gross loss in value of the total of unsold available-for-sale securities during the period being reported (except when designated as a fair value hedge).

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+ Details

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
OPERATING ACTIVITIES:
Net income	$ 8,669	$ 6,929
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,113	2,028
Changes in provision for losses on accounts receivable	(180)	890
Deferred income taxes	(328)	(809)
Stock-based compensation expense	767	844
(Gain) loss on disposition of capital assets	(32)	(108)
Changes in operating assets and liabilities:
Trade receivables	(2,205)	(754)
Inventories	(1,799)	(2,100)
Other current assets	(102)	(394)
Other assets	17	(5)
Accounts payable - trade	(578)	52
Accrued liabilities	2,292	(970)
Other long-term liabilities	(217)	345
Deferred compensation	203	71
Net cash used in operating activities	8,620	6,019
INVESTING ACTIVITIES:
Proceeds from sales of investments	346	307
Purchases of investments	(690)	(537)
Proceeds from sale of capital assets	32	143
Capital expenditures	(5,255)	(991)
Net cash used in investing activities	(5,567)	(1,078)
FINANCING ACTIVITIES:
Dividends paid	(1,856)	(1,336)
Proceeds from issuance of common stock	187	318
Net cash used in financing activities	(1,669)	(1,018)
Decrease in cash	1,384	3,923
Cash at beginning of period	17,889	8,278
Cash at end of period	19,273	12,201
SUPPLEMENTAL CASH FLOW INFORMATION - Cash paid during the period for:
Income taxes paid, net	3,980	6,039
Non-cash transactions:
Capital expenditures in current liabilities	$ 1,200	$ 0

Organization, Consolidation And Presentation Of Financial Statements	9 Months Ended
	Mar. 31, 2012
Organization, Consolidation And Presentation Of Financial Statements [Abstract]
Organization, Consolidation And Presentation Of Financial Statements	1. The consolidated financial statements included herein have been prepared by Flexsteel Industries, Inc. and Subsidiaries (the "Company" or "Flexsteel"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The information furnished in the consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such consolidated financial statements. Operating results for the three and nine month periods ended March 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2012. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended June 30, 2011, appropriately represent, in all material respects, the current status of accounting policies and are incorporated by reference. DESCRIPTION OF BUSINESS – Flexsteel was incorporated in 1929 and is one of the oldest and largest manufacturers, importers and marketers of upholstered and wooden furniture products in the country. Product offerings include a wide variety of upholstered and wood furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. The Company's products are intended for use in home, office, hospitality, health care and motor vehicle applications. Featured as a basic component in most of the upholstered furniture is a unique steel drop-in seat spring from which our name "Flexsteel" is derived. The Company distributes its products throughout the United States through the Company's sales force and various independent representatives to furniture dealers, department stores, recreational vehicle manufacturers, catalogs, hospitality and healthcare facilities. The Company's products are also sold to several national and regional chains, some of which sell on a private label basis.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Inventories

9 Months Ended

Mar. 31, 2012

Inventories [Abstract]

Inventories

2.	INVENTORIES

	The Company values inventory at the lower of cost or market. Raw steel is valued on the last-in, first-out ("LIFO") method. Other inventories are valued on the first-in, first-out ("FIFO") method. Inventories valued on the LIFO method would have been approximately $1.8 million higher at March 31, 2012 and $1.9 million higher at June 30, 2011, if they had been valued on the FIFO method. At March 31, 2012 and June 30, 2011, the total value of LIFO inventory was $2.2 million and $1.5 million, respectively. A comparison of inventories is as follows (in thousands):


	March 31, 2012		June 30, 2011

Raw materials	$	8,854	$	9,235
Work in process and finished parts		4,555		3,951
Finished goods		62,070		60,494
Total	$	75,479	$	73,680

Borrowings And Credit Arrangements	9 Months Ended
Borrowings And Credit Arrangements	Mar. 31, 2012
Borrowings And Credit Arrangements [Abstract]
Borrowings And Credit Arrangements	3. BORROWINGS AND CREDIT ARRANGEMENTS The Company maintains a credit agreement which provides short-term working capital financing of $15.0 million with interest of LIBOR plus 1% with availability of $10.0 million for letters of credit. No amounts were outstanding at March 31, 2012 and June 30, 2011 under the working capital facility. The Company is contingently liable to insurance carriers under its comprehensive general, product, and vehicle liability policies, as well as some workers' compensation, and has provided letters of credit in the amount of $2.5 million. The credit agreement contains financial covenants. The primary covenant is an interest coverage ratio of 3.0 to 1.0. The ratio is computed as net income plus interest expense and stock-based compensation expense less dividends, divided by interest expense. In addition, the Company must maintain working capital of $60 million. At March 31, 2012, the Company was in compliance with all of the financial covenants contained in the credit agreement. An officer of the Company is a director at a bank where the Company maintains an unsecured $8.0 million line of credit at prime minus 1%, but not less than 2.5%, and where its routine daily banking transactions are processed. No amount was outstanding on the line of credit at March 31, 2012 and June 30, 2011. In addition, the Rabbi Trust assets of $6.0 million are administered by this bank's trust department. The Company receives no special services or pricing on the services performed by the bank due to the directorship of this officer.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Stock-Based Compensation

9 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

2. STOCK-BASED COMPENSATION

The Company has two stock-based compensation methods available when determining employee compensation.

(1) Long-Term Management Incentive Compensation Plan – The plan provides for shares of common stock and cash to be awarded to officers and key employees based on performance targets set by the Nominating and Compensation Committee of the Board of Directors (the "Committee"). The Company's shareholders approved 500,000 shares to be issued under the plan. As of March 31, 2012, 38,944 shares have been issued. The Committee selected consolidated operating results for organic net sales growth and fully-diluted earnings per share for the three-year performance periods beginning July 1, 2009 and ending on June 30, 2012, beginning July 1, 2010 and ending on June 30, 2013, and beginning July 1, 2011 and ending on June 30, 2014. The Committee has also specified that payouts, if any, for awards earned in these performance periods will be 60% stock and 40% cash. Awards will be paid to participants as soon as practicable following the end of the performance periods subject to Committee approval and verification of results. The compensation cost related to the number of shares to be granted under each performance period is fixed on the grant date, which is the date the performance period begins. The compensation cost related to the cash portion of the award is re-measured based on the equity award's estimated fair value at the end of each reporting period. The accrual is based on the probable outcomes of the performance conditions. The short-term portion of the recorded cash award payable is classified within current liabilities, payroll and related items, and the long-term portion of the recorded cash award payable is classified within other long-term liabilities in the Consolidated Balance Sheets. As of March 31, 2012 and June 30, 2011, the Company has recorded cash awards payable of $0.9 million and $0.4 million within current liabilities and $0.5 million and $0.7 million within long-term liabilities, respectively. During the quarters ended March 31, 2012 and 2011, the Company recorded expense of $0.7 million and $0.2 million, respectively. For the nine month periods ended March 31, 2012 and 2011, the Company recorded expense of $1.1 million and $1.0 million, respectively.

If the target performance goals would be achieved, the total amount of compensation cost recognized over the requisite service periods would be $1.2 million (2010-2012), $1.1 million (2011-2013) and $1.0 million (2012-2014) based on the estimated fair values at March 31, 2012.

(2) Stock Option Plans – The stock option plans for key employees and directors provide for the granting of incentive and nonqualified stock options. Under the plans, options are granted at an exercise price equal to the fair market value of the underlying common stock at the date of grant, and may be exercisable for up to 10 years. All options are exercisable when granted.

At March 31, 2012, 343,850 shares were available for future grants. It is the Company's policy to issue new shares upon exercise of stock options. The Company accepts shares of the Company's common stock as payment for the exercise price of options. These shares received as payment are retired upon receipt.

A summary of the status of the Company's stock option plans as of June 30, 2010 and 2011 and March 31, 2012 and the changes during the periods then ended is presented below:

	Shares (in thousands)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in thousands)
Outstanding and exercisable at June 30, 2010	1,052	$	12.70	$	1,168
Granted	88		17.23
Exercised	(91)		7.41
Canceled	(3)		17.30
Outstanding and exercisable at June 30, 2011	1,046		13.56		2,271
Granted	83		13.87
Exercised	(71)		8.30
Canceled	(5)		17.12
Outstanding and exercisable at March 31, 2012	1,053	$	13.94		4,535

The following table summarizes information for options outstanding and exercisable at March 31, 2012:


			Weighted Average
	Range of Prices	Options Outstanding (in thousands)	Remaining Life (Years)		Exercise Price
$	6.81 – 8.55	191	7.3	$	7.80
	12.35 – 13.90	307	6.4		12.88
	14.40 – 16.52	346	2.6		15.55
	17.23 – 20.27	209	4.6		18.46
$	6.81 – 20.27	1,053	5.0	$	13.94

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Income Taxes

9 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes


5.	INCOME TAXES

	In determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on the expected annual income, statutory tax rates and tax planning opportunities available to the Company in the various jurisdictions in which it operates. This includes recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns to the extent pervasive evidence exists that they will be realized in future periods. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which are expected to be in effect in the years in which the temporary differences are expected to reverse. In accordance with the Company's income tax policy, significant or unusual items are separately recognized in the quarter in which they occur.

	The components of the gross liabilities related to unrecognized tax benefits and the related deferred tax assets are as follows (in thousands):


	March 31, 2012		June 30, 2011
Gross unrecognized tax benefits	$	975	$	970
Accrued interest and penalties		375		340
Gross liabilities related to unrecognized tax benefits	$	1,350	$	1,310

Deferred tax assets	$	340	$	330

The recognition of the above amounts would impact the Company's effective tax rate. The Company does not expect that there will be any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The Company records interest and penalties related to income taxes as income tax expense in the Consolidated Statements of Operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: 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.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Earnings Per Share

9 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

2. EARNINGS PER SHARE

Basic earnings per share ("EPS") of common stock are based on the weighted-average number of common shares outstanding for each period. Diluted EPS of common stock includes the dilutive effect of potential common shares outstanding. The Company's potential common shares outstanding are stock options and shares associated with the long-term management incentive compensation plan. The Company calculates the dilutive effect of outstanding options using the treasury stock method. The anti-dilutive shares were not included in the computation of diluted EPS as their exercise prices were greater than the average closing market price of the common shares for the three and nine month periods ended March 31, 2012. The Company calculates the dilutive effect of shares related to the long-term management incentive compensation plan based on the number of shares, if any, that would be issuable if the end of the fiscal year were the end of the contingency period.

In computing EPS for the three and nine months ended March 31, 2012 and 2011, net income as reported for each respective period is divided by (in thousands):

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2012	2011	2012	2011

Basic shares	6,777	6,710	6,756	6,687

Potential common shares:
Stock options	165	162	136	142
Long-term incentive plan	75	96	78	81
	240	258	214	223

Diluted shares	7,017	6,968	6,970	6,910

Anti-dilutive shares	420	424	420	424

Litigation

9 Months Ended

Mar. 31, 2012

Litigation [Abstract]

Litigation

7.	LITIGATION

	The Company has been named as one of several defendants in an Indiana civil lawsuit related to groundwater contamination. The lawsuit alleges that the contamination source is a property once owned by the Company. The Company does not believe that it caused or contributed to the contamination. This lawsuit is in its preliminary stages. Plaintiffs have not identified a dollar amount of their alleged damages and the status of insurance coverage has not been determined. We are unable to estimate a range of reasonably possible outcomes or losses at this time. Accordingly, no accrual related to this matter has been recorded in the March 31, 2012 financial statements. During the three and nine months ended March 31, 2012, legal and other related expenses of $0.8 million and $1.9 million have been incurred responding to this lawsuit and are included in Selling, General and Administrative expense in the Consolidated Statement of Operations.

	Other Proceedings – From time to time, the Company is subject to various other legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company's business. The Company does not consider any of such other proceedings that are currently pending, individually or in the aggregate, to be material to its business or likely to result in a material effect on its consolidated operating results, financial condition, or cash flows.

Accounting Developments

9 Months Ended

Mar. 31, 2012

Accounting Developments [Abstract]

Accounting Developments

ACCOUNTING DEVELOPMENTS

In September 2011, the FASB issued ASU 2011-09 which pertains to employer's participation in multiemployer benefit plans, amending ASC 715-80. ASU 2011-09 enhances the disclosures about significant multiemployer plans in which an employer participates, the level of the employer's participation, the financial health of the plans and the nature of the employer's commitments to the plans. The new disclosure requirements are required for fiscal years ending after December 15, 2011 and there will be no financial impact on the Company.

Facility Closing Costs	9 Months Ended
Facility Closing Costs	Mar. 31, 2012
Facility Closing Costs [Abstract]
Facility Closing Costs	9. FACILITY CLOSING COSTS During the nine months ended March 31, 2011, the Company closed a manufacturing facility and recorded pre-tax charges for facility closing costs of $1.0 million. The charges represented employee separation costs of $0.6 million and other closing costs of $0.4 million with no future benefit to the Company and are classified as "Facility Closing Costs" in the Consolidated Statements of Operations. At March 31, 2011, $0.1 million remained to be paid and was included in other current liabilities. The $1.0 million was fully paid as of June 30, 2011.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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