v2.4.0.6
Stock-based Compensation
 9 Months Ended
Mar. 31, 2013
Stock-based Compensation  
Stock-based Compensation

5. Stock-based Compensation

 

The Company maintains two share-based employee compensation plans: the 2012 Incentive Award Plan (2012 Plan) and the 2006 Equity Incentive Plan (2006 Plan). In September 2012, the Company’s board of directors approved the 2012 Plan, and in December 2012 the stockholders adopted the 2012 Plan, effective on December 12, 2012, which serves as the successor to the 2006 Plan and provides for the issuance of incentive and non-statutory stock options, restricted stock awards, stock appreciation rights, restricted stock units (RSUs), performance shares and stock bonuses to qualified employees, directors and consultants, amongst other forms of equity. No new awards will be issued under the 2006 Plan as of the effective date of the 2012 Plan. Outstanding awards under the 2006 Plan continue to be subject to the terms and conditions of the 2006 Plan.

 

The Company recorded stock-based-compensation expense in the condensed consolidated statement of operations as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

Nine Months Ended
March 31,

 

 

 

2012

 

2013

 

2012

 

2013

 

Cost of goods sold

 

$

125

 

$

335

 

$

355

 

$

601

 

Selling, general and administrative

 

1,695

 

3,944

 

4,804

 

10,709

 

Research and development

 

63

 

57

 

186

 

172

 

Stock-based compensation expense

 

$

1,883

 

$

4,336

 

5,345

 

$

11,482

 

Less: related income tax benefit

 

681

 

1,656

 

1,924

 

4,364

 

Stock-based compensation expense, net

 

$

1,202

 

$

2,680

 

$

3,421

 

$

7,118

 

 

As of March 31, 2013, total unrecognized compensation cost related to non-vested, share-based compensation grants was approximately $17.9 million. The Company expects to recognize these costs over a weighted-average period of 2.1 years.

 

The following summarizes stock option activity during the nine months ended March 31, 2013:

 

 

 

Number of
Options

 

Weighted-
Average
Exercise
Price

 

Weighted-Average
Remaining Contractual
Term

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding at June 30, 2012

 

1,059,397

 

$

23.01

 

 

 

 

 

Granted

 

11,223

 

$

61.47

 

 

 

 

 

Exercised

 

(116,059

)

$

15.30

 

 

 

 

 

Expired or forfeited

 

(11,158

)

$

57.29

 

 

 

 

 

Outstanding at March 31, 2013

 

943,403

 

$

24.01

 

6.6 years

 

$

36,116

 

Exercisable at March 31, 2013

 

725,963

 

$

20.64

 

6.1 years

 

$

30,235

 

 

A summary of restricted stock and restricted stock unit award activity during the nine months ended March 31, 2013:

 

 

 

Shares

 

Weighted-
Average
Fair Value

 

Nonvested at June 30, 2012

 

580,468

 

$

28.93

 

Granted

 

276,562

 

57.49

 

Vested

 

(229,959

)

25.88

 

Forfeited

 

(9,824

)

41.18

 

Nonvested at March 31, 2013

 

617,247

 

$

42.67

 

 

As of March 31, 2013, there were 3,809,572 shares available for grant under the 2012 Plan.  Under the terms of the 2012 Plan, RSU’s and restricted stock granted from the pool of shares available for grant on or after December 12, 2012 reduce the pool by 1.87 shares for each share granted.  RSU’s and restricted stock forfeited and returned to the pool of shares available for grant increase the pool by 1.87 shares for each share forfeited.