EQUITY AND STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Amended and Restated 2014 Stock Incentive Plan. On October 21, 2021 the Company’s stockholders approved the Amended and Restated 2014 Stock Incentive Plan, which reserved one million additional shares for purposes of the Company’s equity compensation.

Restricted Stock Units. During the nine months ended March 31, 2022 and 2021, the Company granted 526,699 and 614,406 restricted stock unit awards (“RSUs”) to employees and directors, and during the nine months ended March 31, 2022 granted 478,353 RSU’s to the chief executive officer, which vest ratably on each of the four fiscal year ends after the issue date. All other RSUs granted during these quarters generally vest over 3 years, one-third on each anniversary date.

The Company’s pre-tax income and net income for the nine months ended March 31, 2022 and 2021 include stock award expense of $15.9 million and $15.8 million, with total income tax benefit of $4.6 million and $4.7 million, respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the vesting and the service period between each vesting date. At March 31, 2022, unrecognized compensation expense related to non-vested awards aggregated to $43.7 million and is expected to be recognized in future periods as follows:


(Dollars in thousands)	Stock Award Compensation Expense
For the fiscal year remainder:
2022	$	5,481
2023	18,443
2024	13,142
2025	5,253
2026	989
Thereafter	400
Total	$	43,708

The following table presents the status and changes in restricted stock units for the periods indicated:


	Restricted Stock Units	Weighted-Average Grant-Date Fair Value
Non-vested balance at June 30, 2020	1,445,540	$	28.62
Granted	617,833	32.12
Vested	(666,790)	29.23
Forfeited	(176,113)	27.42
Non-vested balance at June 30, 2021	1,220,470	$	30.18
Granted	1,005,052	48.31
Vested	(503,272)	29.52
Forfeited	(123,406)	35.58
Non-vested balance at March 31, 2022	1,598,844	$	41.41

The total fair value of shares vested for the three and nine months ended March 31, 2022 was $9,725 and $24,559. The total fair value of shares vested for the three and nine months ended March 31, 2021 was $8,366 and $16,612.