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Equity Transactions
 9 Months Ended
Mar. 31, 2015
Equity Transactions  
Equity Transactions

 

7.  Equity Transactions

 

Stock Options

 

Stock option activity during the nine months ended March 31, 2015 was as follows:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

 

 

Exercise

 

Contractual

 

Intrinsic

 

 

 

Shares

 

Price

 

Life (Years)

 

Value

 

 

 

 

 

 

 

 

 

 

 

Outstanding, June 30, 2014

 
2,578,401

 

$
21.44

 
4.57

 

$
42,754

 

Granted

 
516,485

 
14.20

 

 

 

 

 

Exercised

 
(96,984

)
5.29

 

 

 

 

 

Forfeited or canceled

 
(137,490

)
24.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2015

 
2,860,412

 

$
20.52

 
4.24

 

$
1,191

 

 

 

 

 

 

 

 

 

 

 

Stock options exercisable at March 31, 2015

 
1,882,851

 

$
20.81

 
2.89

 

$
689

 

 

The aggregate intrinsic value of options exercised during the nine months ended March 31, 2015 was $0.5 million. The weighted-average grant date fair value of options granted during the nine months ended March 31, 2015 was $7.20.

 

As of March 31, 2015, there was $6.5 million of total unrecognized compensation expense related to unvested stock options granted. The cost is expected to be recognized over a weighted average period of 2.7 years. During the nine months ended March 31, 2014 the Company recorded additional stock-based compensation of $1.5 million associated with the accelerated vesting of option awards to its former Chief Executive Officer and other employees upon termination of employment.  During the three months ended March 31, 2015 and 2014, the Company recognized $1.0 million and $0.9 million, respectively, of stock-based compensation expense related to stock options. During the nine months ended March 31, 2015 and 2014, the Company recognized $3.1 million and $4.6 million, respectively, of stock-based compensation expense related to stock options.

 

Restricted Stock Awards

 

Restricted stock award activity during the nine months ended March 31, 2015 was as follows:

 

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Shares

 

Fair Value

 

 

 

 

 

 

 

Outstanding, June 30, 2014

 
979,595

 

$
22.97

 

Granted

 
822,698

 
17.54

 

Vested

 
(403,286

)
13.69

 

Forfeited or canceled

 
(51,150

)
22.75

 

 

 

 

 

 

 

Outstanding, March 31, 2015

 
1,347,857

 

$
22.44

 

 

As of March 31, 2015, there was $19.4 million of total unrecognized compensation expense related to unvested restricted stock awards granted. The cost is expected to be recognized over a weighted average period of 1.9 years. The total fair value of shares vested during the nine months ended March 31, 2015 was $7.0 million. During the nine months ended March 31, 2014 the Company recorded additional stock-based compensation of $2.5 million associated with the accelerated vesting of equity awards to its former Chief Executive Officer and other employees upon termination of employment.  During the three months ended March 31, 2015 and 2014, the Company recognized $3.4 million and $3.1 million, respectively, of stock-based compensation expense related to restricted stock awards. During the nine months ended March 31, 2015 and 2014, the Company recognized $10.3 million and $11.6 million, respectively, of stock-based compensation expense related to restricted stock awards.