XML 66 R36.htm IDEA: XBRL DOCUMENT v3.2.0.727

Share-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2015

Share-based Compensation [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

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

	Fiscal Year Ended June 30,
	2015				2014				2013
	(in thousands)
Share-based compensation related to:
Equity classified stock options	$	1,480			$	1,577			$	2,125
Equity classified restricted stock	5,042				3,671				3,493
Total share-based compensation	$	6,522			$	5,248			$	5,618

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,
	2015				2014				2013
Expected term	4.02 years				4.00 years				4.64 years
Expected volatility	30.06		%		33.70		%		42.90		%
Risk-free interest rate	1.22		%		1.07		%		0.64		%
Dividend yield	0.00		%		0.00		%		0.00		%
Weighted-average fair value per option	$	10.51			$	11.91			$	10.48

Stock Option Plans

A summary of our stock option plans is presented below:

	Fiscal Year Ended June 30, 2015
	Options			Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding, beginning of year	1,071,097			$	33.91
Granted during the period	166,593			41.11
Exercised during the period	(71,659	)		31.43
Canceled, forfeited, or expired during the period	—			—
Outstanding, end of year	1,166,031			35.09				5.38		$	4,531,055
Vested and expected to vest at June 30, 2015	1,164,033			35.08				5.38		$	4,530,942
Exercisable, end of year	879,451			$	33.49			4.24		$	4,204,989

Unvested Shares

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

	Fiscal Year Ended June 30, 2015
	Options			Weighted      Average Exercise Price				Weighted Average Grant     Date Fair-     Value
Unvested, beginning of year	250,932			$	36.93			$	11.72
Granted	166,593			41.11				10.51
Vested	(130,945	)		35.58				11.96
Canceled or forfeited	—			—				—
Unvested, end of year	286,580			$	39.98			$	10.91

Stock Options Outstanding

The following table summarizes information about stock options outstanding and exercisable as of June 30, 2015:

		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
$18.13 - $22.27		8,400			3.43		$	18.14			8,400			$	18.14
$22.27 - $26.38		30,000			4.43		24.57				30,000			24.57
$26.38 - $30.49		217,558			4.00		28.94				178,656			28.77
$30.49 - $34.60		299,129			4.36		33.22				299,129			33.22
$34.60 - $38.71		323,995			4.17		36.43				322,345			36.43
$38.71 - $42.82		286,949			9.02		41.77				40,921			42.69
		1,166,031			5.38		$	35.09			879,451			$	33.49

Restricted Stock Outstanding

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

	Fiscal Year Ended June 30, 2015
	Shares			Weighted-Average Grant Date Fair Value
Outstanding, beginning of year	220,108			$	37.36
Granted during the period	194,232			40.87
Vested during the period	(119,995	)		36.90
Cancelled, forfeited, or expired during the period	(15,149	)		32.98
Outstanding, end of year	279,196			$	38.87

During the fiscal year ended June 30, 2015, the Company elected to grant 194,232 shares of restricted stock to employees and non-employee directors, all of which were issued in the form of RSUs or PUs:

	Fiscal Year Ended June 30, 2015
	Shares granted			Date granted		Grant date fair value				Vesting period
Employees
Certain employees, vesting based on certain service and performance conditions (1)	14,042			June 25, 2014		$	39.01			July 1, 2014 through June 30, 2017
Certain employees	2,006			August 26, 2014		38.83				Immediate vesting
Certain employees, vesting based on certain service and performance conditions	8,336			November 6, 2014		38.94				November 6, 2014 through July 1, 2016
Certain employees	150,143			December 5, 2014		41.13				Annually over 3 years
Certain employees	991			February 3, 2015		35.16				Annually over 3 years
Certain employees based on promotions	2,550			May 5, 2015		39.05				Annually over 3 years
Certain employees	1,664			June 5, 2015		39.21				Annually over 3 years
Non-Employee Directors(2)
Certain Directors	14,500			December 5, 2014		$	41.13			6 months

(1) These RSU grants have service-based and performance-based vesting conditions. The total target shares under these grants are 14,042, but the actual number of shares that will vest depends on the performance of the Company. The grant date fair value of $39.01 is for the first tranche of these awards. The fair values for the second and third tranches of these awards has not yet been determined. See the The Company's 2014 Proxy Statement for further information about these grants.

(2) Under the 2013 Long-Term Incentive 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 annually to each non-employee director generally will be determined by dividing $100,000 by the equity award value of the common stock on the date of grant, as defined in the 2013 Long-Term Incentive Plan. The equity award value means the value per share based on a 45-day averaging of the fair market value of the common stock over a specified period of time, or the fair market value of the common stock on a specified date. 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.

X

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

+ Details

Name:	us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (c)(2)



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (c)(1)



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (f)(2)



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ShareBasedCompensationAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration