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STOCK-BASED COMPENSATION | 9 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | (11) STOCK-BASED COMPENSATION Stock-based compensation expense is recognized over the requisite service period, which generally equals the stated vesting period. The associated deferred tax benefit was calculated at a tax rate of 26% for the nine months ended March 31, 2023 and 2022, which represents the expected effective income tax rate at the time of the compensation expense deduction and differs from the Company’s current effective income tax rate. See Note 12 - Income Taxes for further information. Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Pre-tax stock-based compensation expense | $ | 6,560 |  |  | $ | 14,004 |  |  | $ | 16,375 |  |  | $ | 37,792 |
Less: deferred tax benefit (a) | 2,400 |  |  | 3,288 |  |  | 4,407 |  |  | 8,013 |
Total stock-based compensation expense, net of tax | $ | 4,160 |  |  | $ | 10,716 |  |  | $ | 11,968 |  |  | $ | 29,779 |
_________________________________ (a)For the three and nine months ended March 31, 2023, the deferred tax benefit was reduced by $0.7 million and $0.2 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017. Premier 2013 Equity Incentive Plan The Premier 2013 Equity Incentive Plan, as amended and restated (and including any further amendments thereto, the “2013 Equity Incentive Plan”) provides for grants of up to 14.8 million shares of Class A common stock, all of which are eligible to be issued as non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units or performance share awards. As of March 31, 2023, there were 3.9 million shares available for grant under the 2013 Equity Incentive Plan. The following table includes information related to restricted stock, performance share awards and stock options for the nine months ended March 31, 2023:
| Restricted Stock |  | Performance Share Awards |  | Stock Options
| Number of Awards |  | Weighted Average Fair Value at Grant Date |  | Number of Awards |  | Weighted Average Fair Value at Grant Date |  | Number of Options |  | Weighted Average Exercise Price
Outstanding at June 30, 2022 | 1,201,130 |  |  | $ | 35.59 |  |  | 1,578,795 |  |  | $ | 33.66 |  |  | 896,354 |  |  | $ | 30.38 |
Granted | 419,519 |  |  | 36.69 |  |  | 823,009 |  |  | 35.34 |  |  | — |  |  | — |
Vested/exercised | (257,571) |  |  | 36.37 |  |  | (826,743) |  |  | 36.35 |  |  | (24,351) |  |  | 32.84 |
Forfeited | (72,268) |  |  | 35.81 |  |  | (81,350) |  |  | 33.41 |  |  | (2,906) |  |  | 35.65 |
Outstanding at March 31, 2023 | 1,290,810 |  |  | $ | 35.78 |  |  | 1,493,711 |  |  | $ | 33.09 |  |  | 869,097 |  |  | $ | 30.30 |
Stock options outstanding and exercisable at March 31, 2023 |  |  |  |  |  | 869,097 |  |  | $ | 30.30 |
Restricted stock units and restricted stock awards issued and outstanding generally vest over a three-year period for employees and a one-year period for directors. Performance share awards issued and outstanding generally vest over a three-year period if performance targets are met. Stock options generally vest in equal annual installments over three years. Stock options have a term of ten years from the date of grant. Vested stock options will generally expire either twelve months after an employee’s termination with the Company or 90 days after an employee’s termination with the Company, depending on the termination circumstances. Unrecognized stock-based compensation expense at March 31, 2023 was as follows (in thousands):
| Unrecognized Stock-Based Compensation Expense |  | Weighted Average Amortization Period
Restricted stock | $ | 23,381 |  |  | 1.8 years
Performance share awards | 22,830 |  |  | 1.8 years
Total unrecognized stock-based compensation expense | $ | 46,211 |  |  | 1.8 years
At March 31, 2023, there was no unrecognized stock-based compensation expense for outstanding stock options. The aggregate intrinsic value of stock options at March 31, 2023 was as follows (in thousands):
| Intrinsic Value of Stock Options
Outstanding and exercisable | $ | 2,325 |
Exercised during the nine months ended March 31, 2023 | 78 |

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