XML 27 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Equity Incentive Plan
 9 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plan Equity Incentive Plan
The Company historically provided stock-based awards through the 2013 Omnibus Incentive Plan, which provided 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. On November 14, 2022, at the Company's annual meeting, stockholders approved the 2022 Omnibus Incentive Plan which provides for the same types of awards as described under the 2013 Omnibus Incentive Plan. Going forward, any future grants will be made under this plan.
The cost of equity-based awards under the 2022 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 1,000,000. Shares of common stock issued under the plan will be issued out of authorized but unissued shares, some or all of which 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 dates indicated below:
Three Months Ended March 31,Nine Months Ended March 31,
2023202220232022
Share-based compensation expense$434 $507 $1,465 $1,407 
Tax benefit102 120 347 332 
The table below presents stock option activity and related information for the nine months ended March 31, 2023 and 2022:
OptionsWeighted-
Average
Exercise
Price		Remaining
Contractual
Life
(Years)		Aggregate
Intrinsic
Value
Options outstanding at June 30, 20211,319,456 $19.07 3.9$11,657 
Granted42,850 31.35 — — 
Exercised(413,636)14.70 — — 
Forfeited(20,800)23.17 — — 
Options outstanding at March 31, 2022927,870 $21.49 4.3$7,541 
Exercisable at March 31, 2022756,720 $20.24 3.5$7,028 
Non-vested at March 31, 2022171,150 $26.99 7.7$513 
Options outstanding at June 30, 2022928,870 $21.49 4.1$4,036 
Granted5,000 24.07 — — 
Exercised(351,596)14.59 — — 
Forfeited(11,700)25.36 — — 
Options outstanding at March 31, 2023570,574 $25.68 5.3$327 
Exercisable at March 31, 2023493,764 $25.39 4.9$287 
Non-vested at March 31, 202376,810 $27.55 8.2$40 
Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2023 and March 31, 2022 are detailed below:
March 31, 2023
March 31, 2022
Weighted-average volatility27.78 %28.02 %
Expected dividend yield1.62 %1.12 %
Risk-free interest rate3.11 %1.90 %
Expected life (years)6.56.5
Weighted-average fair value of options granted$6.77 $8.68 
At March 31, 2023, the Company had $529 of unrecognized compensation expense related to 76,810 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 1.8 years at March 31, 2023. At March 31, 2022, the Company had $1,076 of unrecognized compensation expense related to 171,150 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 1.8 years at March 31, 2022.
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, 2021151,575 $25.06 $4,229 
Granted49,679 31.35 — 
Vested(53,744)25.22 — 
Forfeited(12,000)24.90 — 
Non-vested at March 31, 2022135,510 $27.41 $2,817 
Non-vested at June 30, 2022135,910 $27.40 $2,345 
Granted75,358 27.24 — 
Vested(55,449)27.38 — 
Forfeited(6,200)27.64 — 
Non-vested at March 31, 2023149,619 $27.31 $3,134 
The table above includes non-vested performance-based restricted stock units totaling 40,362 and 33,218 at March 31, 2023 and 2022, respectively. Each issuance of these stock units is scheduled to vest over 3.0 years assuming the applicable dilutive EPS goals are met.
At March 31, 2023, unrecognized compensation expense was $3,628 related to 149,619 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 2.0 years at March 31, 2023. At March 31, 2022, unrecognized compensation expense was $3,137 related to 135,510 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 1.9 years at March 31, 2022.