Stock-Based Compensation

12 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock Options

Changes in our stock options for 2022 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	(6,916)	31.69
Lapsed and forfeited	(36,253)	41.84
Options outstanding, June 30, 2022	271,843	$	37.45	1.9	$	33
Options vested and expected to vest, June 30, 2022	271,843	$	37.45	1.9	$	33
Options exercisable, June 30, 2022	271,843	$	37.45	1.9	$	33

As of June 30, 2022 and June 30, 2021, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2022 and June 30, 2021.

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 less than the amounts reported for financial reporting purposes by $0.2 million in 2022, greater than the amounts reported for financial reporting purposes by $0.7 million in 2021, and an immaterial amount in 2020.

The amount of cash received from the exercise of capital stock options during 2022, 2021 and 2020 was $0.2 million, $6.6 million and $0.9 million, respectively. The related tax benefit was zero in 2022, $0.6 million in 2021, and was immaterial in 2020. The total intrinsic value of options exercised in 2022, 2021 and 2020 was $0.1 million, $2.4 million and $0.3 million, respectively.

Restricted Stock Units – Time Vesting and Performance Vesting

Performance vesting restricted stock units are earned based on both annual and three-year performance targets. The performance and time vesting restricted stock units are subject to a service condition that requires the individual to be employed by the Company at the payment date after a three-year 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 2022 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	108,234	36.70		532,638	36.51
Vested	(38,620)	39.69		(534,462)	32.14
Performance metric adjustments, net	(150,711)	31.18		—	—

Forfeited	(68,425)	33.43		(117,020)	32.79
Unvested, June 30, 2022	350,955	$	33.44	1,213,896	$	33.53

During 2022, 2021 and 2020, compensation expense related to time vesting and performance vesting restricted stock units was $20.1 million, $23.9 million and $15.3 million, respectively. Certain performance metrics were not met, resulting in an adjustment of 150,711 performance vesting stock units during 2022. As of June 30, 2022, the total unrecognized compensation cost related to unvested time vesting and performance vesting restricted stock units was $23.3 million and is expected to be recognized over a weighted average period of 1.7 years.