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Stock-based Compensation (Tables)

6 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of assumptions used to estimate fair value of stock options granted using Black-Scholes option pricing model

The fair value of stock option grants for the three and six months ended December 31, 2019 and 2018 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Risk-free interest rate	1.72		%		2.97		%		1.58% - 1.72%				2.87% - 2.97%
Expected term	6.27 years				6.05 years				6.27 years				6.05 years
Dividend yield	—		%		—		%		—		%		—		%
Volatility	49.74		%		50.02		%		49.74% - 50.04%				47.34% - 50.02%
Weighted-average fair value	$	10.30			$	6.62			$	9.14			$	8.77

Schedule of stock-based compensation expense

The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended December 31, 2019 and 2018 (in thousands):

	Three Months Ended December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Cost of sales	$	384			$	428			$	779			$	866
Research and development	3,126				3,212				6,256				6,708
Sales and marketing	423				436				859				941
General and administrative	1,031				1,171				2,124				2,606
Stock-based compensation expense before taxes	4,964				5,247				10,018				11,121
Income tax impact	(1,131		)		(1,082		)		(2,283		)		(2,324		)
Stock-based compensation expense, net	$	3,833			$	4,165			$	7,735			$	8,797

Summary of stock option activity

The following table summarizes stock option activity during the six months ended December 31, 2019 under all plans:

 

		Options Outstanding			Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Term (in Years)
Balance as of June 30, 2019		7,374,635			$	18.02
Granted		160,600			$	18.44
Exercised		(288,985	)		$	14.04
Forfeited/Cancelled		(358,006	)		$	8.69
Balance as of December 31, 2019		6,888,244			$	18.68			3.77
Options vested and exercisable at December 31, 2019		6,152,154			$	18.46			3.19

Summary of restricted stock unit activity

The following table summarizes RSUs and PRSUs activity during the six months ended December 31, 2019 under all plans: 

	Time-Based RSUs Outstanding			Weighted Average Grant-Date Fair Value per Share				PRSUs Outstanding				Weighted Average Grant-Date Fair Value per Share
Balance as of June 30, 2019	1,873,102			$	20.25			120,000		(1)		$	27.10
Granted	571,200			$	18.91			—
Released (2)	(508,979	)		$	20.96			—
Forfeited	(86,559	)		$	18.49			—
Balance as of December 31, 2019	1,848,764			$	19.72			120,000				$	27.10

__________________________

(1) Reflects the number of PRSUs that have been earned based on the achievement of performance metrics.

(2) The number of shares released excludes 96,000 PRSUs that were vested but not released as of December 31, 2019, of which 6,000 PRSUs vested during the three months ended December 31, 2019.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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