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Stockholders' Equity
 9 Months Ended
Mar. 31, 2022
Stockholders' Equity  
Stockholders' Equity

9. Stockholders’ Equity

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Stock-based Compensation

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As of March 31, 2022, we maintained the Amended and Restated 2012 Incentive Award Plan (the “OSI Plan”) as a stock-based employee compensation plan.

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

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Three Months Ended March 31, 

    

Nine Months Ended March 31, 

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2021

    

2022

    

2021

    

2022

Cost of goods sold

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$

199

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$

205

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$

571

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$

616

Selling, general and administrative

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7,223

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6,567

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18,391

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19,977

Research and development

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143

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126

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424

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393

Stock-based compensation expense

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$

7,565

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$

6,898

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$

19,386

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$

20,986

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As of March 31, 2022, total unrecognized compensation cost related to share-based compensation grants under the OSI Plan were estimated at $0.7 million for stock options and $20.3 million for restricted stock units (“RSUs”). We expect to recognize these costs over a weighted average period of 2.2 years with respect to the stock options and 1.8 years with respect to the RSUs.

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The following summarizes stock option activity during the nine months ended March 31, 2022:

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Weighted

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Average

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Weighted-Average

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Aggregate

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Number of

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Exercise

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Remaining Contractual

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Intrinsic Value

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Options

    

Price

    

Term

    

(in thousands)

Outstanding at June 30, 2021

 

255,220

 

$

50.24

 

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Granted

 

22,954

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96.38

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Exercised

 

(164,612)

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34.61

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Expired or forfeited

 

(834)

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71.83

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Outstanding at March 31, 2022

 

112,728

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82.30

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6.4 years

​

$

816

Exercisable at March 31, 2022

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72,371

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76.69

 

4.9 years

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​

780

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The following summarizes RSU award activity during the nine months ended March 31, 2022:

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Weighted-

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Average

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Shares

    

Fair Value

Nonvested at June 30, 2021

 

435,925

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$

84.16

Granted

 

334,435

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​

90.31

Vested

 

(335,099)

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​

82.66

Forfeited

 

(4,542)

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84.21

Nonvested at March 31, 2022

 

430,719

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$

90.11

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In December 2020, our shareholders authorized an increase of 1.65 million shares for the OSI Plan resulting in a maximum pool of 7.1 million shares. As of March 31, 2022, there were approximately 1.4 million shares available for grant under the OSI Plan. Under the terms of the OSI Plan, RSUs and restricted stock granted from the pool of shares available for grant reduce the pool by 1.87 shares for each award granted. RSUs and restricted stock forfeited and returned to the pool of shares available for grant increase the pool by 1.87 shares for each award forfeited.

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We granted 136,242 and 96,620 performance-based RSUs during the nine months ended March 31, 2021 and 2022, respectively. These performance based RSU awards are contingent on the achievement of certain performance metrics. The payout related to these awards can range from zero to 376% of the original number of shares or units awarded. Compensation cost associated with these performance based RSUs are recognized based on the estimated number of shares that we ultimately expect will vest. If the estimated number of shares to vest is revised in the future, then stock-based compensation expense will be adjusted accordingly.

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Stock Repurchase Program

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Our Board of Directors has authorized a share repurchase program of up to 3,000,000 shares of common stock. This program does not expire unless our Board of Directors acts to terminate the program. The timing and actual numbers of shares purchased depends on a variety of factors, including stock price, general business and market conditions and other investment opportunities. Repurchases may be made from time to time under the program through open-market purchases or privately-negotiated transactions at our discretion. Upon repurchase, the shares are restored to the status of authorized but unissued shares and we record them in our consolidated financial statements as a reduction in the number of shares of common stock issued and outstanding.

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During the nine months ended March 31, 2022, we repurchased 1,117,258 shares of our common stock. As of March 31, 2022, there were 1,430,737 shares remaining available for repurchase under the authorized repurchase program.

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Dividends

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We have not paid any cash dividends since the consummation of our initial public offering in 1997 and we do not currently intend to pay any cash dividends in the foreseeable future. Our Board of Directors will determine the payment of future cash dividends, if any. Certain of our current bank credit facilities restrict the payment of cash dividends and future borrowings may contain similar restrictions.