XML 97 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Equity Incentive Plan
 12 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [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, directors emeritus, 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 plan would be issued out of authorized but unissued shares, some or all of which may be repurchased shares. The Company repurchased a number of shares on the open market sufficient to cover awards of restricted stock and restricted stock units available to be granted under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share during the year ended June 30, 2013.
The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the dates indicated below:
Year Ended June 30,
202220212020
Share-based compensation expense$2,152 $2,102 $1,822 
Tax benefit508 494 428 
The table below presents stock option activity and related information for the periods indicated below:
OptionsWeighted-
Average
Exercise Price		Remaining
Contractual Life
(Years)		Aggregate
Intrinsic
Value
Options outstanding at June 30, 20201,615,500 $18.12 4.4$1,711 
Granted
49,750 23.44 
Exercised
(318,894)14.40 
Forfeited
(26,900)25.77 
Options outstanding at June 30, 20211,319,456 $19.07 3.9$11,657 
Exercisable at June 30, 20211,074,706 $17.63 3.1$11,036 
Non-vested at June 30, 2021244,750 $25.37 7.5$621 
Options outstanding at June 30, 20211,319,456 $19.07 3.9$11,657 
Granted
47,850 30.90 
Exercised
(413,636)14.70 
Forfeited
(24,800)23.96 
Options outstanding at June 30, 2022928,870 $21.49 4.1$4,036 
Exercisable at June 30, 2022756,720 $20.24 3.3$3,971 
Non-vested at June 30, 2022172,150 $26.96 7.5$65 
Assumptions used in estimating the fair value of option granted during the periods indicated were as follows:
Year Ended June 30,
 20222021
Weighted-average volatility28.01 %28.32 %
Expected dividend yield1.13 %1.33 %
Risk-free interest rate2.02 %0.77 %
Expected life (years)6.56.5
Weighted-average fair value of options granted$8.60 $5.61 
At June 30, 2022, the Company had $954 of unrecognized compensation expense related to 172,150 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.6 years at June 30, 2022. At June 30, 2021, the Company had $1,258 of unrecognized compensation expense related to 244,750 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.6 years at June 30, 2021.
The table below presents restricted stock award activity and related information:
Restricted
Stock Awards		Weighted-
Average Grant
Date Fair Value		Aggregate
Intrinsic
Value
Non-vested at June 30, 2020144,046 $25.89 $2,305 
Granted
58,547 23.10 
Vested
(45,296)25.17 
Forfeited
(5,722)25.02 
Non-vested at June 30, 2021151,575 $25.06 $4,229 
Granted
51,679 31.18 
Vested
(53,744)25.22 
Forfeited
(13,600)25.27 
Non-vested at June 30, 2022135,910 $27.40 $2,345 
The table above includes non-vested performance-based restrictive stock units totaling 33,218 and 30,780 at June 30, 2022 and 2021, respectively. Each issuance of these stock units is scheduled to vest over 3.0 years assuming the applicable dilutive EPS goals are met.
At June 30, 2022, unrecognized compensation expense was $2,771 related to 135,910 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.6 years at June 30, 2022. At June 30, 2021, unrecognized compensation expense was $2,811 related to 151,575 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.7 years at June 30, 2021.