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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2019

STOCK-BASED COMPENSATION

Schedule of stock based compensation expense in the condensed consolidated statements of operations

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

		2017			2018			2019
Cost of goods sold		$	1,443		$	972		$	732
Selling, general and administrative			21,354			22,293			23,876
Research and development			433			581			643
Restructuring			2,902			—			—
Stock based compensation expense		$	26,132		$	23,846		$	25,251

Schedule of weighted average assumptions used to determine the fair value calculations for stock options issued

		2017		2018		2019
Expected dividend		—		—		—
Risk-free interest rate		1.7	%	1.9	%	2.6	%
Expected volatility		33.0	%	29.0	%	28.0	%
Expected holding period (in years)		4.5		4.5		4.5

Summary of stock option activity

				Weighted-
				Average			Weighted-Average		Aggregate
		Number of		Exercise			Remaining Contractual		Intrinsic Value
		Options		Price			Term		(in thousands)
Outstanding at June 30, 2016		934,112			28.67
Granted		19,176			73.42
Exercised		(168,564)			26.68
Expired or forfeited		(4,053)			68.28
Outstanding at June 30, 2017		780,671		$	30.00
Granted		25,379			85.83
Exercised		(121,651)			23.53
Expired or forfeited		(6,874)			73.77
Outstanding at June 30, 2018		677,525		$	32.80
Granted		19,259			73.37
Exercised		(169,799)			32.11
Expired or forfeited		(11,101)			70.50
Outstanding at June 30, 2019		515,884		$	33.74		2.2 years		$	40,700
Exercisable at June 30, 2019		479,547		$	30.36		1.7 years		$	39,454

Summary of restricted stock award and RSU award activity

				Weighted-
				Average
		Shares		Fair Value
Nonvested at June 30, 2016		530,498		$	67.94
Granted		379,888			64.55
Vested		(299,277)			67.87
Net replacement RSUs (1)		20,953			67.76
Forfeited		(20,375)			68.34
Nonvested at June 30, 2017		611,687		$	65.85
Granted		351,034			74.09
Vested		(413,639)			65.33
Forfeited		(22,705)			70.32
Nonvested at June 30, 2018		526,377		$	71.56
Granted		375,580			74.40
Vested		(364,410)			70.92
Forfeited		(16,407)			74.13
Nonvested at June 30, 2019		521,140		$	73.97

(1) Pursuant to the acquisition of AS&E, we assumed unvested RSUs originally granted by AS&E and converted them into RSUs for our Common Stock.

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