Stock-Based Compensation

The Company adopted a long term incentive plan which became effective on January 1, 2014 (the "Incentive Plan"), and reserves for issuance up to 1,700,000 shares of Malibu Boats, Inc. Class A Common Stock for the Company’s employees, consultants, members of its board of directors and other independent contractors at the discretion of the compensation committee. Incentive stock awards authorized under the Incentive Plan include unrestricted shares of Class A Common Stock, stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent awards and performance awards. As of September 30, 2017, 1,131,305 shares remain available for future issuance under the long term incentive plan. Readers should refer to Note 13 to the fiscal 2017 audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017, for additional information related to the Company's awards and the Incentive Plan.

The following is a summary of the changes in the Company's stock options for the three months ended September 30, 2017:



	September 30, 2017
	Shares	Price per share		Weighted Average Exercise Price/Share
Total outstanding options at beginning of year	104,000	$	25.85	$	25.85
Options granted	—	—		—
Options exercised	—	—		—
Options canceled	—	—		—
Outstanding options at end of period	104,000	25.85		25.85
Exercisable at end of period	—	—		—
Vested and expected to vest at end of year	104,000	$	25.85	$	25.85

The following is a summary of the changes in non-vested restricted stock units and restricted stock awards for the three months ended September 30, 2017:



	Number of Restricted Stock Units and Restricted Stock Awards Outstanding		Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Units as of June 30, 2017	225,854		$	15.77
Granted	—		—
Vested	(30,926	)	(15.41		)
Forfeited	—		—
Total Non-vested Restricted Stock Units as of September 30, 2017	194,928		$	15.83

Stock compensation expense attributable to the Company's share-based equity awards was $362 and $465 for the three months ended September 30, 2017 and 2016, respectively. Stock compensation expense attributed to share-based equity awards issued under the Incentive Plan is recognized on a straight-line basis over the terms of the respective awards and is included in general and administrative expense in the Company's unaudited condensed consolidated statement of operations and comprehensive income. As of September 30, 2017 and June 30, 2017, unrecognized compensation cost related to nonvested, share-based compensation was $3,239 and $3,601, respectively. As of September 30, 2017, the weighted average years outstanding for unvested awards under the Incentive Plan was 2.2 years. During the three months ended September 30, 2017, the Company withheld approximately 8,456 shares at an aggregate cost of approximately $231, as permitted by the applicable equity award agreements, to satisfy employee tax withholding requirements for employee share-based equity awards that have vested and were issued. Awards vesting during the three months ended September 30, 2017, include 2,408 fully vested restricted stock units issued to non-employee directors for their service as directors for the Company.