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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION The Company has an equity incentive plan, the Amended and Restated 2014 Stock Incentive Plan (the “2014 Plan”), which provides for the granting of non-qualified and incentive stock options, restricted stock and restricted stock units, stock appreciation rights and other awards to employees, directors and consultants. The Plan is designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the Company’s common stock. The Company also has an employment agreement with its Chief Executive Officer that authorizes an award of restricted stock units (the “RSU award”). For additional information regarding the Company’s stock-based compensation plans, see Note 16—“Stock-based Compensation” contained in the 2022 Form 10-K. At March 31, 2023, 1,347,923 shares of common stock remained available for issuance pursuant to grant awards under the 2014 Plan and unrecognized compensation expense related to non-vested awards aggregated to $50.4 million and is expected to be recognized in future periods as follows:
(Dollars in thousands) | Stock Award Compensation Expense
For the fiscal year remainder: |
Remainder of fiscal year 2023 | $ | 7,113 |
2024 | 22,261 |
2025 | 14,418 |
2026 | 5,561 |
2027 | 832 |
Thereafter | 194 |
Total | $ | 50,379 |
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, 2022 | 1,350,763 |  |  | $ | 41.16 |
Granted | 735,938 |  |  | 38.52 |
Vested | (480,811) |  |  | 34.17 |
Forfeited | (59,166) |  |  | 40.56 |
Non-vested balance at March 31, 2023 | 1,546,724 |  |  | $ | 42.10 |
The total fair value of shares vested for the three and nine months ended March 31, 2023 was $7.6 million and $19.7 million, respectively. The total fair value of shares vested for the three and nine months ended March 31, 2022 was $9.7 million and $24.6 million, respectively. The weighted-average remaining time period until vesting for restricted stock units as of March 31, 2023 was 1.3 years. Common Stock Repurchases. During the three and nine months ended March 31, 2023, the Company repurchased $31.6 million of common stock at an average price of $37.22 per share. On April 26, 2023, the Board of Directors of the Company authorized a program to repurchase up to $100 million of its common stock. The new share repurchase authorization is in addition to the existing share repurchase plan approved on August 2, 2019, which had approximately $21 million remaining as of March 31, 2023. For additional information regarding the Company’s common stock repurchases, see Note 15—“Stockholders’ Equity” contained in the 2022 Form 10-K.

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