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14. Equity Incentive Plan | 12 Months Ended
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Jun. 30, 2013
Notes |
14. Equity Incentive Plan | 14. Equity Incentive Plan On January 17, 2013, the Company’s stockholders approved the 2013 Omnibus Incentive Plan, which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or, in the case of restricted stock awards, may be repurchased shares. As of June 30, 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13.3 million, at an average cost of $15.71 per share. Share based compensation expense related to stock options and restricted stock recognized for the fiscal year ended June 30, 2013 was $1,113 before the related tax benefit of $434. The table below presents stock option activity for the fiscal year ended June 30, 2013:
|  |  | Weighted- |  | Remaining |  | Aggregate
|  |  | average |  | contractual life |  | Intrinsic
| Options |  | exercise price |  | (years) |  | Value
Options outstanding at June 30, 2012 | - |  | - |  | - |  |
Granted | 1,557,000 |  | $14.37 |  | 9.6 |  |
Exercised | - |  | - |  | - |  |
Forfeited | - |  | - |  | - |  |
Expired | - |  | - |  | - |  |
Options outstanding at June 30, 2013 | 1,557,000 |  | $14.37 |  | 9.6 |  | $4,033
The fair value of each option is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average fair value of each option granted in 2013 was $4.50. Assumptions used for grants were as follows:
Assumptions in Estimating Option Values
Weighted-average volatility | 28.19%
Expected dividend yield | 0.00%
Risk-free interest rate | 1.28%
Expected life (years) | 6.6
At June 30, 2013, the Company had $6.5 million of unrecognized compensation expense related to 1,557,000 stock options scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.7 years at June 30, 2013. No awards were vested as of June 30, 2013. All unexercised options expire ten years after the grant date The table below presents restricted stock award activity for the year ended June 30, 2013:
|  |  | Weighted- |  | Aggregate
| Restricted |  | average grant |  | Intrinsic
| stock awards |  | date fair value |  | Value
Non-vested at June 30, 2012 | - |  | - |  |
Granted | 511,300 |  | $14.37 |  |
Vested | - |  | - |  |
Forfeited | - |  | - |  |
Non-vested at June 30, 2013 | 511,300 |  | $14.37 |  | $8,672
At June 30, 2013, unrecognized compensation expense was $6.8 million related to 511,300 shares of restricted stock scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.7 years at June 30, 2013.

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