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STOCK BASED COMPENSATION
 9 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION
Stock-Based Compensation Plans
The Company’s 2010 Equity Incentive Plan and 2005 Equity Incentive Plan are described in its Annual Report. As of March 31, 2017, the Company had 10,021,856 authorized shares available for future issuance under all of its stock incentive plans.
Stock-Based Compensation
The following table shows total stock-based compensation expense included in the Consolidated Statements of Operations for the three and nine months ended March 31, 2017 and 2016 (in thousands):
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
2017

2016
 
2017
 
2016
Cost of revenues
$
39

 
$
114

 
$
213

 
$
341

Research and development
421

 
566

 
1,362

 
1,770

Sales, general and administrative
141

 
202

 
519

 
755

 
$
601


$
882

 
$
2,094

 
$
2,866


Stock Options
The following is a summary of option activity for the Company’s stock incentive plans for the nine months ended March 31, 2017:
 
Common Stock Options Outstanding
 
Number
of Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
Aggregate
Intrinsic
Value
(In thousands)
Balance, June 30, 2016
2,125,307

 
$
2.03

 
2.65
 
$
77,850

Exercised
(496,800
)
 
$
2.81

 

 

Forfeitures and cancellations
(1,356
)
 
$
11.72

 

 

Balance, March 31, 2017
1,627,151

 
$
1.78

 
1.80
 
$
78,878

Vested and expected to vest as of March 31, 2017
1,627,150

 
$
1.78

 
1.80
 
$
78,878

Vested and exercisable as of March 31, 2017
1,626,889

 
$
1.78

 
1.80
 
$
78,869



During the three months ended March 31, 2017 and 2016, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $0.4 million and $1.3 million, respectively, as determined as of the date of option exercise. During the nine months ended March 31, 2017 and 2016, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $24.6 and $3.5 million, respectively, as determined as of the date of option exercise.

As of March 31, 2017, the Company had unrecognized compensation costs of $1.3 thousand related to stock options which the Company expects to recognize over a weighted-average period of 0.2 years. Future option grants will increase the amount of compensation expense to be recorded in these periods.
The Company estimates the fair value of employee stock options using the Black-Scholes option pricing model. The fair value of employee stock options is amortized on a straight-line basis over the requisite service period of the awards. The Company did not grant any employee stock options during the three and nine months ended March 31, 2017 and 2016.

Restricted Stock Units (“RSUs”)
The following table summarizes the activity of the RSUs made by the Company:
 
Number of Shares
 
Weighted Average Grant Date Fair Value Per Share
Non-vested RSUs, June 30, 2016
271,971

 
$
28.72

RSUs granted
72,023

 
$
55.33

RSUs vested
(109,124
)
 
$
24.71

RSUs canceled
(42,685
)
 
$
33.44

Non-vested RSUs, March 31, 2017
192,185

 
$
39.53


The intrinsic value of RSUs vested in the three months ended March 31, 2017 and 2016 was $1.9 million and $0.9 million, respectively. The intrinsic value of RSUs vested in the nine months ended March 31, 2017 and 2016 was $5.6 million and $3.7 million, respectively.
As of March 31, 2017, there were unrecognized compensation costs related to RSUs of $8.1 million which the Company expects to recognize over a weighted average period of 3.2 years.