Stock-Based Compensation

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Options

Changes in our stock options for the three months ended September 30, 2021 were as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, June 30, 2021	315,012	$	37.83

Exercised	—	—
Lapsed or forfeited	(14,000)	38.95
Options outstanding, September 30, 2021	301,012	$	37.78	2.5	$	446
Options vested, September 30, 2021	301,012	$	37.78	2.5	$	446
Options exercisable, September 30, 2021	301,012	$	37.78	2.5	$	446

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

There was no cash received for the exercise of options during the three months ended September 30, 2021 and September 20, 2020. The total intrinsic value of options exercised was immaterial during the three months ended September 30, 2021 and September 30, 2020, respectively.

Restricted Stock Units – Performance Vesting and Time Vesting

Changes in our performance vesting and time vesting restricted stock units for the three months ended September 30, 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, 2021	500,477	$	32.53	1,332,740	$	31.72
Granted	192,792	36.72		485,228	36.70
Vested	(36,455)	40.10		(456,948)	31.30
Performance metric adjustments, net	(150,711)	31.18		—	—
Forfeited	(11,541)	30.51		(21,785)	30.22
Unvested, September 30, 2021	494,562	$	34.07	1,339,235	$	33.69

During the three months ended September 30, 2021 and 2020, compensation expense related to time vesting and performance vesting restricted stock units was $7.0 million and $6.7 million, respectively. Certain performance metrics were not met, resulting in an adjustment of 150,711 performance vesting stock units during the three months ended September 30, 2021. As of September 30, 2021, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $36.8 million and is expected to be recognized over a weighted average period of 2.3 years.