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Stockholders' Equity | 9 Months Ended
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Mar. 31, 2023
Stockholders' Equity |
Stockholders' Equity | 9. Stockholders’ Equity ​ Stock-based Compensation ​ As of March 31, 2023, we maintained the Amended and Restated 2012 Incentive Award Plan (the “OSI Plan”) as a stock-based employee compensation plan. ​ We recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |  | Nine Months Ended March 31,
​ |  | 2022 |  | 2023 | ​ | 2022 |  | 2023
Cost of goods sold | ​ | $ | 205 | ​ | $ | 229 | ​ | $ | 616 | ​ | $ | 686
Selling, general and administrative | ​ | ​ | 6,567 | ​ | ​ | 6,757 | ​ |  | 19,977 | ​ |  | 20,467
Research and development | ​ | ​ | 126 | ​ | ​ | 126 | ​ |  | 393 | ​ |  | 375
Stock-based compensation expense | ​ | $ | 6,898 | ​ | $ | 7,112 | ​ | $ | 20,986 | ​ | $ | 21,528
​ As of March 31, 2023, total unrecognized compensation costs related to share-based compensation grants under the OSI Plan were estimated at $0.8 million for stock options and $20.6 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. ​ The following summarizes stock option activity during the nine months ended March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Weighted-Average | ​ | Aggregate
​ | ​ | Number of | ​ | Exercise | ​ | Remaining Contractual | ​ | Intrinsic Value
​ |  | Options |  | Price |  | Term |  | (in thousands)
Outstanding at June 30, 2022 |  | 110,645 |  | ​ | 82.43 |  | ​ | ​ | ​ | ​
Granted |  | 23,351 | ​ | ​ | 87.90 | ​ | ​ | ​ | ​ | ​
Exercised |  | (19,614) | ​ | ​ | 67.83 | ​ | ​ | ​ | ​ | ​
Expired or forfeited |  | (1,568) | ​ | ​ | 81.60 | ​ | ​ | ​ | ​ | ​
Outstanding at March 31, 2023 |  | 112,814 | ​ | ​ | 86.11 | ​ | 6.8 years | ​ | $ | 1,833
Exercisable at March 31, 2023 | ​ | 67,689 | ​ | ​ | ​ |  | 5.4 years | ​ | $ | 1,274
​ The following summarizes RSU award activity during the nine months ended March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ |  | Shares |  | Fair Value
Nonvested at June 30, 2022 |  | 427,447 | ​ | $ | 90.17
Granted |  | 356,694 | ​ | ​ | 89.11
Vested |  | (312,038) | ​ | ​ | 96.42
Forfeited |  | (13,814) | ​ | ​ | 88.82
Nonvested at March 31, 2023 |  | 458,289 | ​ | $ | 85.13
​ As of March 31, 2023, there were approximately 0.8 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. ​ We granted 96,620 and 110,811 performance-based RSUs during the nine months ended March 31, 2022 and 2023, 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. ​ Employee Stock Purchase Plan ​ We have an employee stock purchase plan under which eligible employees may purchase a limited number of shares of common stock at a discount of up to 15% of the market value of such stock at pre-determined, plan-defined dates. During the nine months ended March 31, 2022 and 2023, employees purchased 60,605 and 59,255 shares, respectively. As of March 31, 2023, there were 417,972 shares of our common stock available for issuance under the plan. ​ Stock Repurchase Program ​ In September 2022, our Board of Directors increased the stock repurchase authorization to a total of 2 million shares. This program does not expire unless our Board of Directors acts to terminate the program. The timing and actual numbers of shares purchased depend 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, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings. ​ During the nine months ended March 31, 2022 and 2023, we repurchased 1,117,258 and 400,230 shares of our common stock, respectively. As of March 31, 2023, there were 1,721,870 shares remaining available for repurchase under the authorized repurchase program. ​ Dividends ​ 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.

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