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Equity Incentive Plan | 3 Months Ended
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Sep. 30, 2019
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, in the case of restricted stock awards, may be repurchased shares. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2019 and 2018, respectively:
| Three Months Ended September 30,
| 2019 |  | 2018
Share based compensation expense | $ | 443 |  |  | $ | 384 |
Tax benefit | $ | 104 |  |  | $ | 88 |
The table below presents stock option activity for the three months ended September 30, 2019 and 2018:
| Options |  | Weighted- average exercise price |  | Remaining contractual life (years) |  | Aggregate Intrinsic Value
Options outstanding at June 30, 2018 | 1,718,270 |  |  | $ | 17.29 |  |  | 5.9 |  |  | $ | 18,664 |
Exercised | 28,500 |  |  | 14.41 |  |  | — |  |  | — |
Forfeited | 4,000 |  |  | 14.37 |  |  | — |  |  | — |
Options outstanding at September 30, 2018 | 1,685,770 |  |  | $ | 17.34 |  |  | 5.7 |  |  | $ | 19,902 |
Exercisable at September 30, 2018 | 1,198,970 |  |  | $ | 14.51 |  |  | 4.5 |  |  | $ | 17,553 |
Non-vested at September 30, 2018 | 486,800 |  |  | $ | 24.32 |  |  | 6.5 |  |  | $ | 2,349 |
Options outstanding at June 30, 2019 | 1,657,214 |  |  | $ | 17.59 |  |  | 5.0 |  |  | $ | 12,909 |
Granted | 25,000 |  |  | 25.37 |  |  | — |  |  | — |
Exercised | 13,400 |  |  | 14.50 |  |  | — |  |  | — |
Forfeited | 800 |  |  | 17.35 |  |  | — |  |  | — |
Options outstanding at September 30, 2019 | 1,668,014 |  |  | $ | 17.73 |  |  | 4.9 |  |  | $ | 13,969 |
Exercisable at September 30, 2019 | 1,266,214 |  |  | $ | 15.40 |  |  | 3.8 |  |  | $ | 13,509 |
Non-vested at September 30, 2019 | 401,800 |  |  | $ | 25.07 |  |  | 8.1 |  |  | $ | 460 |
Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2019 and 2018 are presented below:
| September 30, |  | September 30,
| 2019 |  | 2018
Weighted-average volatility | 17.84 | % |  | — | %
Expected dividend yield | 0.95 | % |  | — | %
Risk-free interest rate | 1.55 | % |  | — | %
Expected life (years) | 6.5 |  |  | — |
Weighted-average fair value of options granted | $ | 4.67 |  |  | $ | — |
At September 30, 2019, the Company had $2,052 of unrecognized compensation expense related to 401,800 stock options originally 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 1.7 years at September 30, 2019. At September 30, 2018, the Company had $2,585 of unrecognized compensation expense related to 486,800 stock options originally 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 2.1 years at September 30, 2018. The table below presents restricted stock award activity for the three months ended September 30, 2019 and 2018:
| Restricted stock awards |  | Weighted- average grant date fair value |  | Aggregate Intrinsic Value
Non-vested at June 30, 2018 | 133,410 |  |  | $ | 22.85 |  |  | $ | 3,755 |
Vested | 2,800 |  |  | 16.27 |  |  | — |
Forfeited | 2,000 |  |  | 14.37 |  |  | — |
Non-vested at September 30, 2018 | 128,610 |  |  | $ | 23.13 |  |  | $ | 3,749 |
Non-vested at June 30, 2019 | 123,800 |  |  | $ | 24.65 |  |  | $ | 2,258 |
Granted | 13,000 |  |  | 25.37 |  |  | — |
Vested | 400 |  |  | 19.02 |  |  | — |
Forfeited | 3,200 |  |  | 20.62 |  |  | — |
Non-vested at September 30, 2019 | 133,200 |  |  | $ | 24.83 |  |  | $ | 2,256 |
The table above includes performance-based restrictive stock units totaling 10,375 which were granted during the year ended June 30, 2019. These stock units are scheduled to vest over 3.0 years assuming certain performance metrics are met. At September 30, 2019, unrecognized compensation expense was $2,579 related to 133,200 shares of restricted stock originally scheduled to vest over three-, 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 September 30, 2019. At September 30, 2018, unrecognized compensation expense was $2,337 related to 128,610 shares of restricted stock originally 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 1.9 years at September 30, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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