In April 2022, the Board of Directors authorized a stock repurchase program allowing the repurchase of up to $40.0 million of the Company's common stock. There was no stock repurchase activity during the three months ended September 30, 2024. As of September 30, 2024, approximately $16.8 million remained available for stock repurchases pursuant to the board authorization.

Repurchase of shares of common stock are recorded as treasury stock and are accounted for under the cost method. The Company’s accounting policy upon the retirement of treasury stock is to deduct its par value from common stock and reduce additional paid-in capital by the amount recorded in additional paid-in capital when the stock was originally issued.

The Company may grant nonstatutory stock options (“NQSOs”), restricted stock, service-based restricted stock units (“Service-based RSUs”), stock appreciation rights, performance-based stock awards (“Performance-based RSUs”), and other forms of equity compensation, as well as performance cash awards, under its 2010 Equity Incentive Plan (the “2010 Incentive Plan”). The Company may grant NQSOs and RSUs to non-employee directors under the 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”).

As of September 30, 2024, 23,125,612 shares were reserved and 7,194,368 shares were available for issuance under the 2010 Incentive Plan; 4,598,838 shares were reserved and 1,920,169 shares were available for issuance under the Directors’ Plan.

The following table summarizes the components of stock-based compensation by grant type:


	Three Months Ended
	September 30,
	2024		2023
Stock options	$	64	$	78
Restricted stock units		8,003		4,827
Employee stock purchase plan		340		370
Total stock-based compensation expense	$	8,407	$	5,275

The Company estimates the fair value of stock options at the date of grant using the Black-Scholes option-pricing model. Options are granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant. The outstanding stock options as of September 30, 2024 totaled 189,916 shares.

The Company estimates the fair value of service-based RSUs based on the closing price of the Company’s common stock on the grant date. The following table summarizes the service-based RSU activity under the plans:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2024		3,421,867		$	10.59		1.26	$	56,769
Granted		1,472,699
Vested		(572,821	)
Forfeited		(45,504	)
Outstanding at September 30, 2024		4,276,241		$	13.39		1.59	$	81,806

Performance-based RSUs vest variably subject to the achievement of performance targets, consisting of both revenue growth and adjusted EBITDA targets. The Company evaluates the portion of the awards that are probable to vest quarterly until the performance criteria are met. The Company estimates the fair value of performance-based RSUs based on the closing price of the Company’s common stock on the grant date. As some of the components that comprise the performance targets have not been fully established, a grant date as defined by ASC 718 has not been determined. The Company will re-measure the compensation expense associated with the performance-based RSUs at each reporting date based on the closing price of the Company’s common stock at each reporting date until the grant date has been established.

The following table summarizes the performance-based RSU activity under the plans:


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding at June 30, 2024		1,016,685		$	14.24		1.12	$	16,867
Granted		805,850			19.13
Vested		(216,194	)		17.60
Forfeited		(31,253	)		9.59
Outstanding at September 30, 2024		1,575,088		$	17.19		1.64	$	30,132

In October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), with 2,164,999 shares of common stock reserved for future issuance under the plan. During the three months ended September 30, 2024, 142,188 shares of common stock were purchased under the 2021 ESPP at a weighted-average price of $8.42. As of September 30, 2024, 1,426,771 shares were available for issuance under the 2021 ESPP. The fair value of the purchase rights for the ESPP are estimated on the date of grant using the Black-Scholes model.