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Stock Based Compensation (Text Block) | 9 Months Ended
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Mar. 31, 2023
Share-based Payment Arrangement [Abstract] |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION Our operating income for the three months ended March 31, 2023, and 2022, included $6,915 and $6,276 of stock-based compensation costs, respectively. Our operating income for the nine months ended March 31, 2023, and 2022, included $21,459 and $19,303 of stock-based compensation costs, respectively. Stock Options On November 10, 2015, the Company adopted the 2015 Equity Incentive Plan ("2015 EIP") for its employees and non-employee directors. The plan allows for grants of stock options, stock appreciation rights, restricted stock shares or units, and performance shares or units. The maximum number of shares authorized for issuance under the plan is 3,000. For stock options, terms and vesting periods of the options are determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the option grant date. The options granted under this plan are exercisable beginning three years after the grant date at an exercise price equal to 100% of the fair market value of the stock at the grant date. The options terminate upon surrender of the option, ninety days after termination of employment, upon the expiration of one year following notification of a deceased optionee, or ten years after grant. A summary of option plan activity under this plan is as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding July 1, 2022 | 12 |  |  | $ | 87.27 |  |  |
Granted | — |  |  | — |  |  |
Forfeited | — |  |  | — |  |  |
Exercised | — |  |  | — |  |  |
Outstanding March 31, 2023 | 12 |  |  | $ | 87.27 |  |  | $ | 741 |
Vested and Expected to Vest March 31, 2023 | 12 |  |  | $ | 87.27 |  |  | $ | 741 |
Exercisable March 31, 2023 | 12 |  |  | $ | 87.27 |  |  | $ | 741 |
At March 31, 2023, there was no compensation cost yet to be recognized related to outstanding options. For options currently exercisable, the weighted average remaining contractual term (remaining period of exercisability) as of March 31, 2023, was 3.25 years. Restricted Stock Unit Awards The Company issues unit awards under the 2015 EIP. The following table summarizes non-vested restricted stock unit awards as of March 31, 2023:
Unit awards |  | Units |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Outstanding July 1, 2022 |  | 303 |  |  | $ | 166.50 |  |  |
Granted |  | 136 |  |  | 214.91 |  |  |
Vested |  | (116) |  |  | 158.37 |  |  |
Forfeited |  | (14) |  |  | 186.82 |  |  |
Outstanding March 31, 2023 |  | 309 |  |  | $ | 189.92 |  |  | $ | 46,546 |
The 136 unit awards granted in fiscal 2023 had service requirements and performance measures, with 90 only having service requirements. The unit awards with only service requirements were valued at the weighted average fair value of the non-vested units based on the fair market value of the Company’s equity shares on the grant date, less the present value of expected future dividends to be declared during the vesting period, consistent with the methodology for calculating compensation expense on such awards. The remaining 46 unit awards granted in fiscal 2023 have performance measures along with service requirements. 17 of these performance and service requirement unit awards were valued at grant by estimating 100% payout at release and using the fair market value of the Company equity shares on the grant date, less the present value of expected future dividends to be declared during the vesting period. The payout at release of approximately half of these unit awards will be determined based on the Company's compound annual growth rate for revenue (excluding adjustments) for the three-year vesting period compared against goal thresholds as defined in the award agreement. The performance payout at release of the other half of these unit awards will be determined based on the expansion of the Company's non-GAAP operating margin over the three-year vesting period compared against goal thresholds as defined in the award agreement. 25 of these performance and service requirement unit awards were valued at grant using a Monte Carlo pricing model as of the measurement date customized to the specific provisions of the Company’s plan design. The remaining 4 performance and service requirement unit awards had other performance targets. Per the Company's award vesting and settlement provisions, the awards that utilize a Monte Carlo pricing model were valued at grant on the basis of Total Shareholder Return ("TSR") in comparison to the compensation peer group made up of participants approved by the Compensation Committee of the Company's Board of Directors for fiscal year 2023. The Monte Carlo inputs used in the model to estimate fair value at the measurement date and resulting values for these performance unit awards are as follows.
Monte Carlo award inputs: | Fiscal 2023 |  |  |  |
Compensation Peer Group: |  |  |  |  |
Volatility | 29.4 | % |  |  |  |
Risk free interest rate | 2.96 | % |  |  |  |
Annual dividend based on most recent quarterly dividend | $1.96 |  |  |  |
Dividend yield | 0.94 | % |  |  |  |
Beginning average percentile rank for TSR | 71.0 | % |  |  |  |
At March 31, 2023, there was $26,880 of compensation expense, excluding forfeitures, that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted average period of 1.24 years.

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