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Stock-Based Compensation (Tables) | 6 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Assumptions used in our Black-Scholes valuation | The assumptions used in our Black-Scholes valuation related to grants made during the six months ended December 31, 2014 and 2013 were as follows:
| 2014 |  |  | 2013 |
Risk-free interest rate | 1.5 | % |  | 1.3 | %
Expected life (years) (3) | 4.5 |  |  | 4.5 |
Expected volatility (4) | 32.5 | % |  | 40.4 | %
Expected dividend yield | 1.6 | % |  | 1.5 | %
(3) Expected life is derived from historical experience. (4) Expected volatility is based on the implied historical volatility of our stock.
Changes in stock options | Changes in our stock options for the six months ended December 31, 2014 were as follows:
| Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (years) |  | Aggregate Intrinsic value (in thousands) |
Options outstanding, June 30, 2014 | 2,264,824 |  |  | $ | 33.95 |  |  |  |  |
Granted | 436,541 |  |  | 40.81 |  |  |  |  |
Exercised | (222,206 | ) |  | 27.54 |  |  |  |  |
Lapsed and forfeited | (11,905 | ) |  | 41.10 |  |  |  |  |
Options outstanding, December 31, 2014 | 2,467,254 |  |  | $ | 35.71 |  |  | 5.3 |  | $ | 7,580 |
Options vested and expected to vest, December 31, 2014 | 2,206,567 |  |  | $ | 35.02 |  |  | 5.4 |  | $ | 7,578 |
Options exercisable, December 31, 2014 | 1,600,847 |  |  | $ | 32.76 |  |  | 4.1 |  | $ | 7,562 |
Changes in time vesting and performance vesting restricted stock units | Changes in our time vesting and performance vesting restricted stock units for the six months ended December 31, 2014 were as follows:
| Performance Vesting Stock Units |  |  | Performance Vesting Weighted Average Fair Value |  |  | Time Vesting Stock Units |  |  | Time Vesting Weighted Average Fair Value |
Unvested performance vesting and time vesting restricted stock units, June 30, 2014 | 197,356 |  |  | $ | 40.92 |  |  | 743,326 |  |  | $ | 39.20 |
Granted | 88,536 |  |  | 43.16 |  |  | 438,795 |  |  | 42.27 |
Vested | (28,022 | ) |  | 38.95 |  |  | (306,484 | ) |  | 36.26 |
Performance metric not achieved | (65,373 | ) |  | 43.16 |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | (25,471 | ) |  | 41.69 |
Unvested performance vesting and time vesting restricted stock units, December 31, 2014 | 192,497 |  |  | $ | 42.98 |  |  | 850,166 |  |  | $ | 41.78 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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