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.