XML 53 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Equity Incentive Plan | 3 Months Ended
--- | ---
Sep. 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:
| Three Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |
Share-based compensation expense | $ | 567 |  |  | $ | 415 |  |  |  |  |
Tax benefit | 134 |  |  | 98 |  |  |  |  |
The table below presents stock option activity and related information for the three months ended September 30, 2022 and 2021:
| Options |  | Weighted- Average Exercise Price |  | Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Options outstanding at June 30, 2021 | 1,319,456 |  |  | $ | 19.07 |  |  | 3.9 |  | $ | 11,657 |
Exercised | (46,200) |  |  | 15.16 |  |  | — |  |  | — |
Forfeited | (2,600) |  |  | 25.42 |  |  | — |  |  | — |
Options outstanding at September 30, 2021 | 1,270,656 |  |  | $ | 19.19 |  |  | 3.7 |  | $ | 11,164 |
Exercisable at September 30, 2021 | 1,030,506 |  |  | $ | 17.75 |  |  | 2.9 |  | $ | 10,546 |
Non-vested at September 30, 2021 | 240,150 |  |  | $ | 25.41 |  |  | 7.3 |  | $ | 617 |
Options outstanding at June 30, 2022 | 928,870 |  |  | $ | 21.49 |  |  | 4.1 |  | $ | 4,036 |
Granted | 5,000 |  |  | 24.07 |  |  | — |  |  | — |
Exercised | (27,000) |  |  | 14.37 |  |  | — |  |  | — |
Forfeited | (400) |  |  | 31.35 |  |  | — |  |  | — |
Options outstanding at September 30, 2022 | 906,470 |  |  | $ | 21.71 |  |  | 3.9 |  | $ | 2,633 |
Exercisable at September 30, 2022 | 729,720 |  |  | $ | 20.46 |  |  | 3.1 |  | $ | 2,633 |
Non-vested at September 30, 2022 | 176,750 |  |  | $ | 26.87 |  |  | 7.3 |  | $ | — |
Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2022 have been detailed below. There were no options granted during the three months ended September 30, 2021.
| September 30, 2022 |  |  |  |  |  |  |  |
Weighted-average volatility | 27.78 | % |  |  |  |  |  |  |  |
Expected dividend yield | 1.62 | % |  |  |  |  |  |  |  |
Risk-free interest rate | 3.11 | % |  |  |  |  |  |  |  |
Expected life (years) | 6.5 |  |  |  |  |  |  |  |
Weighted-average fair value of options granted | $ | 6.77 |  |  |  |  |  |  |  |  |
At September 30, 2022, the Company had $800 of unrecognized compensation expense related to 176,750 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.4 years at September 30, 2022. At September 30, 2021, the Company had $1,083 of unrecognized compensation expense related to 240,150 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.4 years at September 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, 2021 | 151,575 |  |  | $ | 25.06 |  |  | $ | 4,229 |
Vested | (8,918) |  |  | 26.93 |  |  | — |
Forfeited | (3,000) |  |  | 26.31 |  |  | — |
Non-vested at September 30, 2021 | 139,657 |  |  | $ | 25.00 |  |  | $ | 3,908 |
Non-vested at June 30, 2022 | 135,910 |  |  | $ | 27.40 |  |  | $ | 2,345 |
Granted | 7,986 |  |  | 25.32 |  |  | — |
Vested | (13,861) |  |  | 27.11 |  |  | — |
Forfeited | (400) |  |  | 31.35 |  |  | — |
Non-vested at September 30, 2022 | 129,635 |  |  | $ | 27.29 |  |  | $ | 1,943 |
The table above includes non-vested performance-based restricted stock units totaling 22,843 and 23,662 at September 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 September 30, 2022, unrecognized compensation expense was $2,490 related to 129,635 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 September 30, 2022. At September 30, 2021, unrecognized compensation expense was $2,483 related to 139,657 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 1.5 years at September 30, 2021.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration