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 for current directors, officers, and employees. The fair value of equity-based awards is updated quarterly for certain nonemployee emeritus directors and advisory directors. 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 December 31, 2016 and 2015 was $2,053 and $849, respectively, before the tax related benefit of $698 and $288, respectively. Share based compensation expense related to stock options and restricted stock recognized for the six months ended December 31, 2016 and 2015 was $2,792 and $1,637, respectively, before the tax related benefit of $950 and $556, respectively.

The table below presents stock option activity for the six months ended December 31, 2016 and 2015:



	Options	Weighted- average exercise price		Remaining contractual life (years)	Aggregate Intrinsic Value
Options outstanding at June 30, 2015	1,498,000	$	14.41	7.7	$	3,519
Granted	—	—		—	—
Exercised	2,200	14.37		—	—
Forfeited	12,600	14.37		—	—
Expired	—	—		—	—
Options outstanding at December 31, 2015	1,483,200	$	14.41	7.2	$	8,660
Exercisable at December 31, 2015	546,350	$	14.39

Options outstanding at June 30, 2016	1,529,300	$	14.50	6.8	$	6,117
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Expired	—	—		—	—
Options outstanding at December 31, 2016	1,529,300	$	14.50	6.3	$	17,433
Exercisable at December 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. There were no options granted during the three and six months ended December 31, 2016 and 2015. The weighted average fair value of options granted in fiscal year 2015 was $3.59. Assumptions used for grants were as follows:



	Assumptions in Estimating Option Values
	2017		2016		2015
Weighted-average volatility	—	%	—	%	18.90	%
Expected dividend yield	—	%	—	%	—	%
Risk-free interest rate	—	%	—	%	1.56	%
Expected life (years)	0.0		0.0		6.0

At December 31, 2016, the Company had $2,444 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 0.9 years at December 31, 2016. At December 31, 2015, the Company had $2,885 of unrecognized compensation expense related to 1,483,200 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 1.3 years at December 31, 2015.

The table below presents restricted stock award activity for the six months ended December 31, 2016 and 2015:



	Restricted stock awards	Weighted- average grant date fair value		Aggregate Intrinsic Value
Non-vested at June 30, 2015	310,470	$	14.40	$	5,203
Granted	—	—		—
Vested	—	—		—
Forfeited	2,250	14.37		—
Non-vested at December 31, 2015	308,220	$	14.40	$	6,241

Non-vested at June 30, 2016	248,750	$	14.81	$	4,602
Granted	2,000	19.02		—
Vested	—	—		—
Forfeited	—	—		—
Non-vested at December 31, 2016	250,750	$	14.84	$	6,494

At December 31, 2016, unrecognized compensation expense was $2,230 related to 250,750 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 1.0 years at December 31, 2016. At December 31, 2015, unrecognized compensation expense was $3,098 related to 308,220 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 1.3 years at December 31, 2015.