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Equity Incentive Plan | 9 Months Ended
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Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Equity Incentive Plan | Equity Incentive Plan The Company provides stock-based awards through 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 repurchased shares. During fiscal 2013, the Company had repurchased the 846,400 shares available for awards of restricted stock and restricted stock units under the 2013 Omnibus Incentive Plan on the open market, for $13,297, at an average cost of $15.71 per share. Share based compensation expense related to stock options and restricted stock recognized for the three months ended March 31, 2016 and 2015 was $598 and $662, respectively, before the tax related benefit of $221 and $245, respectively. Share based compensation expense related to stock options and restricted stock recognized for the nine months ended March 31, 2016 and 2015 was $2,234 and $2,088, respectively, before the tax related benefit of $827 and $773, respectively. The table below presents stock option activity for the nine months ended March 31, 2016 and 2015:
| Options |  | Weighted- average exercise price |  | Remaining contractual life (years) |  | Aggregate Intrinsic Value
Options outstanding at June 30, 2014 | 1,513,500 |  |  | $ | 14.40 |  |  | 8.6 |  |  | $ | 2,077 |
Granted | 10,000 |  |  | 16.08 |  |  | 10.0 |  |  | — |
Exercised | 18,000 |  |  | 14.37 |  |  | — |  |  | — |
Forfeited | 5,400 |  |  | 14.37 |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |  |  | — |
Options outstanding at March 31, 2015 | 1,500,100 |  |  | $ | 14.40 |  |  | 7.9 |  |  | $ | 2,340 |
Exercisable at March 31, 2015 | 549,150 |  |  | $ | 14.39 |  |  |  |  |
Options outstanding at June 30, 2015 | 1,498,000 |  |  | $ | 14.41 |  |  | 7.7 |  |  | $ | 3,519 |
Granted | 46,500 |  |  | 17.35 |  |  | 10.0 |  |  | — |
Exercised | 2,200 |  |  | 14.37 |  |  | — |  |  | — |
Forfeited | 13,000 |  |  | 14.37 |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |  |  | — |
Options outstanding at March 31, 2016 | 1,529,300 |  |  | $ | 14.50 |  |  | 7.0 |  |  | $ | 6,637 |
Exercisable at March 31, 2016 | 829,400 |  |  | $ | 14.40 |  |  |  |  |
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 fiscal 2016 and 2015 was $4.53 and $3.59, respectively. Assumptions used for grants were as follows:
Assumptions in Estimating Option Values
| 2016 |  | 2015
Weighted-average volatility | 15.26 | % |  | 18.90 | %
Expected dividend yield | — | % |  | — | %
Risk-free interest rate | 1.63 | % |  | 1.56 | %
Expected life (years) | 6.5 |  |  | 6.0 |
At March 31, 2016, the Company had $2,718 of unrecognized compensation expense related to 1,529,300 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 expected to be recognized was 1.6 years at March 31, 2016. At March 31, 2015, the Company had $3,851 of unrecognized compensation expense related to 1,500,100 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 expected to be recognized was 2.0 years at March 31, 2015. The table below presents restricted stock award activity for the nine months ended March 31, 2016 and 2015:
| Restricted stock awards |  | Weighted- average grant date fair value |  | Aggregate Intrinsic Value
Non-vested at June 30, 2014 | 403,965 |  |  | $ | 14.39 |  |  | $ | 6,371 |
Granted | — |  |  | — |  |  | — |
Vested | 91,895 |  |  | 14.39 |  |  | — |
Forfeited | 1,600 |  |  | 14.37 |  |  | — |
Non-vested at March 31, 2015 | 310,470 |  |  | $ | 14.40 |  |  | $ | 4,958 |
Non-vested at June 30, 2015 | 310,470 |  |  | $ | 14.40 |  |  | $ | 5,203 |
Granted | 34,500 |  |  | 17.35 |  |  | — |
Vested | 93,670 |  |  | 14.39 |  |  | — |
Forfeited | 2,550 |  |  | 14.37 |  |  | — |
Non-vested at March 31, 2016 | 248,750 |  |  | $ | 14.81 |  |  | $ | 4,686 |
At March 31, 2016, unrecognized compensation expense was $4,451 related to 248,750 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 1.7 years at March 31, 2016. At March 31, 2015, unrecognized compensation expense was $4,163 related to 310,470 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 2.0 years at March 31, 2015.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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