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Note 9 - Share-based Compensation and Other Benefit Plans | 12 Months Ended
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Jun. 30, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Share-based Compensation and Other Benefit Plans: The cost of employee services received in exchange for the award of equity instruments is based on the fair value of the award at the date of grant. Compensation cost is recognized using a straight-line method over the vesting period and is net of estimated forfeitures. Stock option exercises and stock awards are satisfied through the issuance of new shares. Equity incentive plan: The Company's Amended and Restated 2010 Equity Incentive Plan (the A&R 2010 Plan) provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, performance shares, performance units and stock appreciation rights. There are 3.8 million shares of common stock authorized for grant under the A&R 2010 Plan. At June 30, 2017, there were 620,000 shares of common stock available for grant under the A&R 2010 Plan. The maximum term of incentive options granted under the A&R 2010 Plan is ten years. The A&R 2010 amends and restates the Company's 2010 Equity Incentive Plan (the 2010 Plan). The A&R 2010 Plan replaced the Company's 1998 Nonqualified Stock Option Plan (the 1998 Plan). The A&R 2010 Plan and the 1998 Plan (collectively, the Plans) are administered by the Board of Directors and its Executive Compensation Committee, which determine the persons who are to receive awards under the Plans, the number of shares subject to each award and the term and exercise price of each award. The number of shares of common stock subject to outstanding awards as of June 30, 2017 under the A&R 2010 Plan and the 1998 Plan were 2.8 million and 50,000, respectively . Stock option activity under the Plans for the three years ended June 30, 2017, consists of the following (shares in thousands):
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Avg. Contractual Life (Yrs.) |  |  | Aggregate Intrinsic Value (millions) |
Outstanding at June 30, 2014 |  |  | 811 |  |  |  | 72.11 |  |  |  |  |  |  |  |  |
Granted |  |  | 600 |  |  |  | 93.98 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (133 | ) |  |  | 92.85 |  |  |  |  |  |  |  |  |
Exercised |  |  | (141 | ) |  |  | 69.31 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2015 |  |  | 1,137 |  |  | $ | 81.57 |  |  |  |  |  |  |  |  |
Granted |  |  | 805 |  |  |  | 105.16 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (54 | ) |  |  | 99.68 |  |  |  |  |  |  |  |  |
Exercised |  |  | (69 | ) |  |  | 69.82 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2016 |  |  | 1,819 |  |  | $ | 91.91 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,135 |  |  |  | 107.42 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (70 | ) |  |  | 99.11 |  |  |  |  |  |  |  |  |
Exercised |  |  | (63 | ) |  |  | 71.81 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2017 |  |  | 2,821 |  |  | $ | 98.42 |  |  |  | 5.1 |  |  | $ | 53.8 |
Exercisable at June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  |  | 547 |  |  |  | 72.72 |  |  |  |  |  |  |  |  |
2016 |  |  | 596 |  |  |  | 75.74 |  |  |  |  |  |  |  |  |
2017 |  |  | 843 |  |  |  | 82.93 |  |  |  | 4.0 |  |  | $ | 29.1 |
The fair values of options granted under the Plans were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used:
|  | Year Ended June 30, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Dividend yield |  |  | 1.2% |  |  |  |  | 1.2% |  |  |  |  | 1.3% |  |
Expected volatility |  | 21% | - | 24% |  |  | 20% | - | 23% |  |  | 18% | - | 21% |
Risk-free interest rates |  | 1.0% | - | 1.9% |  |  | 1.2% | - | 1.9% |  |  | 1.3% | - | 2.2% |
Expected lives (years) |  |  | 5 |  |  |  |  | 5 |  |  |  |  | 5 |  |
The dividend yield is based on the Company's historical annual cash dividend divided by the market value of the Company's common stock. The expected annualized volatility is based on the Company's historical stock price over a period equivalent to the expected life of the option granted. The risk-free interest rate is based on U.S. Treasury constant maturity interest rates with a term consistent with the expected life of the options granted. The weighted average fair value of options granted during fiscal 2017, 2016 and 2015 was $18.21, $18.50, and $15.01 respectively. The total intrinsic value of options exercised during fiscal 2017, 2016 and 2015 were $2.3 million, $2.4 million, and $3.5 million respectively. The total fair value of options vested during fiscal 2017, 2016 and 2015 were $5.0 million, $2.0 million, and $2.3 million respectively. In fiscal 2017, 2016 and 2015, 23,965, 19,994, and 9,000 restricted common stock shares were granted at weighted average grant date fair values of $104.94, $99.53, and $91.78 per share, respectively. Non-vested restricted common stock shares at June 30, 2017, 2016 and 2015 were 31,647, 22,545, and 19,102, respectively. In fiscal 2017, 2016, and 2015, 64,931, 35,083, and 36,192 restricted stock units were granted at a weighted average grant date fair value of $109.36, $105.01, and $94.13, respectively. The restricted stock units vest over a three -year period. In fiscal 2017, 4,333 restricted stock units were forfeited. Stock-based compensation cost of $14.6 million, $9.4 million, and $5.9 million was included in selling, general and administrative expense in fiscal 2017, 2016 and 2015, respectively. The income tax benefit associated with stock-based compensation costs was $0.5 million, $0.6 million, and $0.6 million in fiscal 2017, 2016, and 2015, respectively. As of June 30, 2017, there was $26.0 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock which will be expensed in fiscal 2018 through 2021. The weighted average period over which the compensation cost is expected to be recognized is 2.3 years. Employee stock purchase plan: In fiscal year 2015, the Company established the Bio-Techne Corporation 2014 Employee Stock Purchase Plan (ESPP), which was approved by the Company's shareholders on October 30, 2014, and which is designed to comply with IRS provisions governing employee stock purchase plans. 200,000 shares were allocated to the ESPP. The Company recorded expense of $213,000, $144,000 and $39,000 expense for the ESPP in fiscal 2017, 2016 and 2015, respectively. Profit sharing and savings plans: The Company has profit sharing and savings plans for its U.S. employees, which conform to IRS provisions for 401 (k) plans. The Company makes matching contributions to the Plan. The Company has recorded an expense for contributions to the plans of $2.2 million, $1.2 million, and $1.1 million for the years ended June 30, 2017, 2016, and 2015, respectively. The Company operates defined contribution pension plans for its U.K. employees. The Company has recorded an expense for contributions to the plans of $0.8 million, $0.8, and $0.7 million for the years ended June 30, 2017, 2016 and 2015, respectively. Performance incentive programs: In fiscal 2017, under certain employment agreements and a Management Incentive Plan available to executive officers and certain management personnel, the Company recorded cash bonuses of $4.7 million, granted options for 896,778 shares of common stock, issued 16,653 restricted common shares and 39,931 restricted stock units. The Company recorded cash bonuses of $4.2 million and $1.9 million, and granted options for 620,917 and 322,000 shares of common stock for the years ended June 30, 2016 and 2015, respectively. In addition, 11,522 restricted common stock shares and 26,583 restricted stock units and were issued in fiscal 2016.

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- 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 Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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