Stock-Based Compensation

12 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Options

Changes in our stock options for 2021 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2020	646,959	$	33.60

Exercised	(280,274)	27.10
Lapsed and forfeited	(51,673)	43.01
Options outstanding, June 30, 2021	315,012	$	37.83	2.6	$	642
Options vested and expected to vest, June 30, 2021	315,012	$	37.83	2.6	$	642
Options exercisable, June 30, 2021	315,012	$	37.83	2.6	$	642

As of June 30, 2021 and June 30, 2020, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2021 and June 30, 2020.

Tax benefits relating to excess stock-based compensation deductions are presented in the consolidated statements of cash flows as operating cash inflows. Tax benefits resulting from stock-based compensation deductions were greater than the amounts reported for financial reporting purposes by $0.7 million in 2021, and less than amounts reported for financial reporting purposes by an immaterial amount in 2020 and by $1.3 million in 2019.

The amount of cash received from the exercise of capital stock options during 2021, 2020 and 2019 was $6.6 million, $0.9 million and $4.8 million, respectively. The related tax benefit was $0.6 million in 2021, was immaterial in 2020, and was $0.5 million 2019. The total intrinsic value of options exercised in 2021, 2020 and 2019 was $2.4 million, $0.3 million and $2.4 million, respectively.

Restricted Stock Units – Time Vesting and Performance Vesting

Performance vesting restricted stock units are earned pro rata each year if certain performance goals are met over a three-year period, and are also subject to a service condition that requires the individual to be employed by the Company at the payment date after the three-year performance period, with the exception of retirement eligible grantees, who upon retirement are entitled to receive payment for any units that have been earned, including a prorated portion in the partially completed fiscal year in which the retirement occurs. Time vesting stock units are valued at the market value of the stock on the grant date. Performance vesting stock units with a market condition are valued using a Monte Carlo model.

Changes in our time vesting and performance vesting restricted stock units for 2021 were as follows:


	Performance Vesting Stock Units	Performance Vesting Weighted Average Fair Value		Time Vesting Stock Units	Time Vesting Weighted Average Fair Value
Unvested, June 30, 2020	554,633	$	34.26	1,039,695	$	32.48
Granted	220,876	33.49		924,850	31.84
Vested	(77,284)	47.47		(480,754)	33.88
Performance metric adjustments, net	(100,000)	32.92		—	—
Other adjustments	(4,565)	30.26		—	—
Forfeited	(93,183)	32.39		(151,051)	30.87
Unvested, June 30, 2021	500,477	$	32.53	1,332,740	$	31.72

During 2021, 2020 and 2019, compensation expense related to time vesting and performance vesting restricted stock units was $23.9 million, $15.3 million and $21.9 million, respectively. Certain performance metrics related to fiscal 2020 were not met, resulting in an adjustment of 100,000 performance vesting stock units during 2021. As of June 30, 2021, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $22.7 million and is expected to be recognized over a weighted average period of 1.8 years.