STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

6 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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 2014 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. On November 9, 2023, the Company’s stockholders approved the 2014 Plan, which authorized one million additional shares for future awards under the 2014 Plan. 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” in the 2023 Form 10-K.

At December 31, 2023, 1,932,436 shares of common stock were authorized for future awards under the 2014 Plan. As of December 31, 2023, the total compensation cost related to non-vested awards not yet recognized was $45.4 million and the weighted-average period over which it is expected to be recognized is 1.3 years.

The following table presents the status and changes in RSUs:


	RSUs	Weighted-Average Grant-Date Fair Value




Non-vested balance at June 30, 2023	1,407,882	$	41.53
Granted	643,746	42.66
Vested	(363,263)	37.65
Forfeited	(42,012)	40.33
Non-vested balance at December 31, 2023	1,646,353	$	42.86

The total fair value of shares vested for the three and six months ended December 31, 2023 was $0.1 million and $14.9 million, respectively. The total fair value of shares vested for the three and six months ended December 31, 2022 was $0.1 million and $12.1 million, respectively.

Common Stock Repurchases. During the three and six months ended December 31, 2023, the Company repurchased a total of $58.7 million and $83.2 million, or 1,607,301 and 2,255,509 common shares at an average price of $36.49 per share and $36.88 per share, respectively. The Company did not repurchase common stock during the three and six months ended December 31, 2022. For additional information regarding the Company’s share repurchase program see Note 15—“Stockholders’ Equity” in the 2023 Form 10-K.