Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2013

Total share-based compensation included as a component of selling, general, and administrative expense in our Consolidated Income Statements was as follows:



	Fiscal Year Ended June 30,
	2013		2012		2011
	(in thousands)
Share-based compensation related to:
Equity classified stock options	$	2,125	$	2,875	$	3,106
Equity classified restricted stock	3,493		3,965		1,771
Total share-based compensation	$	5,618	$	6,840	$	4,877

Weighted Average Assumptions for the Options Granted During the Following Fiscal Years

The Company used the following weighted average assumptions for the options granted during the following fiscal years:



	Fiscal Year Ended June 30,
	2013			2012			2011
Expected term	4.64 years			6.77 years			6.88 years
Expected volatility	42.90		%	41.33		%	42.92		%
Risk-free interest rate	0.64		%	1.42		%	2.56		%
Dividend yield	0.00		%	0.00		%	0.00		%
Weighted average fair value per option	$	10.48		$	14.94		$	17.21

Stock Option Plans

A summary of our stock option plans is presented below:



	Fiscal Year Ended June 30, 2013
	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding, beginning of year	1,629,959		$	29.27
Granted during the period	205,973		31.24
Exercised during the period	(274,822	)	19.02
Canceled, forfeited, or expired during the period	(82,827	)	33.99
Outstanding, end of year	1,478,283		31.18		5.42	$	3,675,901
Vested and expected to vest at June 30, 2013	1,477,980		31.18		5.41	$	3,675,271
Exercisable, end of year	1,217,003		$	30.95	4.65	$	3,384,357

Unvested Shares

A summary of the status of the Company’s shares subject to unvested options is presented below:



	Fiscal Year Ended June 30, 2013
	Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair- Value
Unvested, beginning of year	244,588		$	33.02	$	15.49
Granted	205,973		31.24		10.48
Vested	(178,804	)	32.25		14.72
Canceled or forfeited	(10,477	)	29.80		7.29
Unvested, end of year	261,280		$	32.28	$	12.40

Stock Options Outstanding

The following table summarizes information about stock options outstanding and exercisable as of June 30, 2013:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$14.68 - $18.35	100,927	5.43	$	18.14	100,927	$	18.14
$18.35 - $22.01	9,400	0.43	21.58		9,400	21.58
$22.01 - $25.68	176,400	5.66	24.57		176,400	24.57
$25.68 - $29.35	90,500	3.30	27.65		80,500	27.48
$29.35 - $33.02	442,237	5.19	31.00		320,202	31.43
$33.02 - $36.69	658,819	5.86	35.69		529,574	35.91
	1,478,283	5.42	$	31.18	1,217,003	$	30.95

Restricted Stock Outstanding

During the fiscal year ended June 30, 2013, the Company elected to grant 119,676 shares of restricted stock to employees and non-employee directors, of which 105,676 of these shares were issued in the form of RSUs:



	Fiscal Year Ended June 30, 2013
	Shares granted	Date granted	Grant date fair value		Vesting period
Employees
Certain employees based on promotions	2,750	August 21, 2012	$	29.87	Annually over 3 years
Certain employees, vesting based on certain service and performance conditions	10,886	August 21, 2012	29.87		August 21, 2012 through December 31, 2014
Certain employees	92,040	December 7, 2012	29.80		Annually over 3 years
Non-Employee Directors⁽¹⁾	14,000	December 7, 2012	$	29.80	6 months

(1)

Per the Amended and Restated Director’s Equity Compensation Plan, non-employee directors will receive annual awards of restricted stock, as opposed to stock options. The number of shares of restricted stock to be granted will be established from time to time by the Board of Directors. Currently, the number of shares of restricted stock awarded to each non-employee director will be determined by dividing $80,000 by the fair market value of the common stock on the date of grant. These awards will generally vest in full on the day that is six months after the date of grant or upon the earlier occurrence of (i) the director’s termination of service as a director by reason of death, disability or retirement, or (ii) a change in control by the Company. The compensation expense associated with these awards will be recognized on a pro-rata basis over this period.

A summary of the status of the Company’s outstanding restricted stock is presented below:



	Fiscal Year Ended June 30, 2013
	Shares		Weighted Average Grant Date Fair Value
Outstanding, beginning of year	267,258		$	32.46
Granted during the period	119,676		29.81
Vested during the period	(132,276	)	31.01
Cancelled, forfeited, or expired during the period	(42,237	)	32.64
Outstanding, end of year	212,421		$	31.82