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Stock-Based Compensation | 12 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock Options Changes in our stock options for 2024 were as follows:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (years) |  | Aggregate Intrinsic value (in thousands)
Options outstanding, June 30, 2023 | 217,614 |  |  | $ | 37.29 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Lapsed and forfeited | (52,304) |  |  | 45.24 |  |  |  |  |
Options outstanding, June 30, 2024 | 165,310 |  |  | $ | 34.78 |  |  | 0.8 |  | $ | 37 |
Options vested and expected to vest, June 30, 2024 | 165,310 |  |  | $ | 34.78 |  |  | 0.8 |  | $ | 37 |
Options exercisable, June 30, 2024 | 165,310 |  |  | $ | 34.78 |  |  | 0.8 |  | $ | 37 |
As of June 30, 2024 and 2023, there was no unrecognized compensation cost related to options outstanding. All options were fully vested as of June 30, 2024 and 2023. 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 $1.5 million and $0.8 million in 2024 and 2023, respectively, and greater than the amounts reported for financial reporting purposes by $0.2 million in 2022. The amount of cash received from the exercise of capital stock options during 2024, 2023 and 2022 was zero, zero and $0.2 million, respectively. The related tax benefit was zero in 2024, 2023 and 2022. The total intrinsic value of options exercised in 2024, 2023 and 2022 was zero, zero and $0.1 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 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. 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 performance vesting and time vesting restricted stock units for 2024 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, 2023 | 483,481 |  |  | $ | 31.68 |  |  | 1,207,442 |  |  | $ | 30.26 |
Granted | 270,911 |  |  | 25.99 |  |  | 727,992 |  |  | 25.83 |
Vested | (176,508) |  |  | 33.49 |  |  | (746,815) |  |  | 30.56 |
Performance metric adjustments, net | 37,378 |  |  | 38.45 |  |  | — |  |  | — |
Forfeited | (62,801) |  |  | 32.05 |  |  | (66,050) |  |  | 27.33 |
Unvested, June 30, 2024 | 552,461 |  |  | $ | 28.73 |  |  | 1,122,569 |  |  | $ | 27.36 |
During 2024, 2023 and 2022, compensation expense related to performance vesting and time vesting restricted stock units was $23.4 million, $23.3 million and $20.1 million, respectively. Performance vesting stock units were adjusted by 37,378 units during 2024 related to the fiscal 2023 performance year. As of June 30, 2024, the total unrecognized compensation cost related to unvested performance vesting and time vesting restricted stock units was $21.5 million and is expected to be recognized over a weighted average period of 1.6 years.

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