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Stock-Based Compensation (Tables)
 6 Months Ended
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