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Stock-Based Compensation | 12 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Awards Issued Under the Malibu Boats, Inc. Long-Term Incentive Plan On January 6, 2014, the Company’s board of directors adopted the Malibu Boats, Inc. Incentive Plan. The Incentive Plan, which became effective on January 1, 2014, 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 including unrestricted shares of Class A Common Stock, stock options, SARs, restricted stock, restricted stock units, dividend equivalent awards and performance awards. As of June 30, 2018, there were 1,001,552 shares available for future issuance under Incentive Plan. On November 6, 2015, the Company granted 130,564 restricted stock unit and restricted stock awards to certain key employees. The grant date fair value of these awards was $1,994 based on a stock price of $15.27 per share on the date of grant. Under the terms of the agreements, approximately 12% of the awards vested immediately on the grant date, approximately 38% vest in substantially equal annual installments over a three or four year period, and the remaining 50% of the awards vest in tranches based on the achievement of annual or cumulative performance targets. Compensation costs associated with performance based awards are recognized over the requisite service period based on probability of achievement in accordance with ASC Topic 718, Compensation—Stock Compensation. On November 4, 2016, the Company granted 130,500 restricted stock units and restricted stock awards to certain key employees. The grant date fair value of these awards was $2,039 based on a stock price of $15.62 per share on the date of grant. Under the terms of the agreements, approximately 63% of the awards vest in substantially equal annual installments over a four year period, and the remaining 37% of the awards vest in tranches based on the achievement of annual performance targets. Compensation costs associated with performance based awards are recognized over the requisite service period based on probability of achievement in accordance with ASC Topic 718, Compensation—Stock Compensation. On June 29, 2017, the Company granted 104,000 options to certain key employees to purchase from the Company shares of Class A Common Stock at a price of $25.85 per share. The term of the options commence on June 29, 2017 and will expire on June 28, 2023, the day before the sixth anniversary of the grant date. Under the terms of the agreements, the awards will vest 25% ratably on each anniversary of their grant date. At June 30, 2017, the fair value of the option awards was $866 and is estimated using the Black-Scholes option-pricing model with the following assumptions: risk-free rate of 2.1%, expected volatility of 36.1%, expected term of 4.25 years, and no dividends. Stock-based compensation expense attributable to these options is amortized on a straight-line basis over the requisite service period. On November 6, 2017, the Company granted 78,900 restricted stock units and restricted stock awards to certain key employees. The grant date fair value of these awards was $2,436 based on a stock price of $30.87 per share on the date of grant. Under the terms of the agreements, approximately 72% of the awards vest in substantially equal annual installments over a four year period, and the remaining 28% of the awards vest in tranches based on the achievement of annual performance targets. Compensation costs associated with performance based awards are recognized over the requisite service period based on probability of achievement. On November 6, 2017, the Company granted 40,000 options to certain key employees to purchase from the Company shares of Class A Common Stock at a price of $30.87 per share. The term of the options commenced on November 6, 2017 and will expire on November 5, 2023, the day before the sixth anniversary of the grant date. Under the terms of the agreements, approximately 50% of the awards will vest ratably over four years on each anniversary of their grant date and approximately 50% of the awards will vest in tranches based on the achievement of annual or cumulative performance targets. At November 6, 2017, the fair value of the option awards was $405 and is estimated using the Black-Scholes option-pricing model with the following assumptions: risk-free rate of 2.0%, expected volatility of 37.1%, expected term of 4.25 years, and no dividends. Stock-based compensation expense attributable to the time based options is amortized on a straight-line basis over the requisite service period. Compensation costs associated with performance based option awards are recognized over the requisite service period based on probability of achievement. Risk-free interest rate. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. Expected term. The Company used the simplified method to estimate the expected term of stock options. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the share options would expire. Expected volatility. The Company determined expected volatility based on its historical volatility calculated using daily observations of the closing price of its publicaly traded common stock. Expected dividend. The Company has not estimated any dividend yield as the Company currently does not pay a dividend and does not anticipate paying a dividend over the expected term. The following table presents the number, grant date stock price per share, and weighted-average exercise price per share of the Company’s employee option awards:
|  | Fiscal Year Ended June 30, 2018 |  | Fiscal Year Ended June 30, 2017
|  | Shares |  | Price per share |  | Weighted Average Exercise Price/Share |  | Shares |  | Price per share |  | Weighted Average Exercise Price/Share
Total outstanding Options at beginning of year |  | 104,000 |  |  | $ | 25.85 |  |  | $ | 25.85 |  |  | — |  |  | $ | — |  |  | $ | — |
Options granted |  | 40,000 |  |  | 30.87 |  |  | 30.87 |  |  | 104,000 |  |  | 25.85 |  |  | 25.85 |
Options exercised |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Options canceled |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding options at end of year |  | 144,000 |  |  | 27.24 |  |  | 27.24 |  |  | 104,000 |  |  | 25.85 |  |  | 25.85 |
Exercisable at end of year |  | 26,000 |  |  | 25.85 |  |  | 25.85 |  |  | — |  |  | — |  |  | — |
Vested and expected to vest at end of year |  | 118,000 |  |  | $ | 27.24 |  |  | $ | 27.24 |  |  | 104,000 |  |  | $ | 25.85 |  |  | $ | 25.85 |
As of June 30, 2018, the weighted-average years non-vested for service period awards and performance target awards was approximately 1.9 years and 0.6 year, respectively. The Company's non-employee directors receive an annual retainer for their services as directors consisting of both a cash retainer and equity awards in the form of Class A Common Stock or restricted stock units. Directors may elect that their cash annual retainer be converted into either fully vested shares of Class A Common Stock or restricted stock units paid on a deferral basis. Equity awards issued to directors are fully vested at the date of grant. Directors receiving restricted stock units as compensation for services have no rights as a stockholder of the Company, no dividend rights (except with respect to dividend equivalent rights), and no voting rights until Class A Common Stock is actually issued to them upon separation from service or change in control as defined in the Incentive Plan. If dividends are paid by the Company to its stockholders, directors would be entitled to receive an equal number of restricted stock units based on their proportional interest. For the fiscal year ended June 30, 2016, the Company issued 8,688 shares of Class A Common Stock and 43,508 restricted stock units with a weighted-average grant date fair value of $14.38 to its non-employee directors for their services as directors pursuant to the Incentive Plan. For the fiscal year ended June 30, 2017, the Company issued 6,857 shares of Class A Common Stock and 37,727 restricted stock units with a weighted-average grant date fair value of $15.42 to its non-employee directors for their services as directors pursuant to the Incentive Plan. For the fiscal year ended June 30, 2018, the Company issued 4,567 shares of Class A Common Stock and 23,838 restricted stock units with a weighted-average grant date fair value of $30.52 to its non-employee directors for their services as directors pursuant to the Incentive Plan. The following table presents the number and weighted-average grant date fair value of the Company’s director and employee restricted stock units and restricted stock awards:
| Fiscal Year Ended June 30,
| 2018 |  | 2017 |  | 2016
| Number of Restricted Stock Units and Restricted Stock Awards Outstanding |  | Weighted Average Grant Date Fair Value |  | Number of Restricted Stock Units and Restricted Stock Awards Outstanding |  | Weighted Average Grant Date Fair Value |  | Number of Restricted Stock Units and Restricted Stock Awards Outstanding |  | Weighted Average Grant Date Fair Value
Total Non-vested Restricted Stock Units and Restricted Stock Awards at beginning of year | 225,854 |  |  | $ | 15.77 |  |  | 140,908 |  |  | $ | 16.17 |  |  | 44,775 |  |  | $ | 20.20 |
Granted | 102,738 |  |  | 30.80 |  |  | 168,227 |  |  | 15.55 |  |  | 174,072 |  |  | 15.05 |
Vested | (99,613 | ) |  | 19.57 |  |  | (81,181 | ) |  | 15.95 |  |  | (69,751 | ) |  | 15.62 |
Forfeited | (1,825 | ) |  | 22.58 |  |  | (2,100 | ) |  | 18.52 |  |  | (8,188 | ) |  | 20.13 |
Total Non-vested Restricted Stock Units and Restricted Stock Awards at end of year | 227,154 |  |  | $ | 20.84 |  |  | 225,854 |  |  | $ | 15.77 |  |  | 140,908 |  |  | $ | 16.17 |
Stock compensation expense attributable to all of the Company's equity awards was $1,973, $1,396 and $1,947 for fiscal years 2018, 2017 and 2016, respectively, including $283 and $1,066 of expense related to profit interest awards previously granted prior to the IPO under the former LLC agreement for fiscal years 2017 and 2016, respectively, and is included in general and administrative expense in the Company's consolidated statement of operations and comprehensive income. The cash flow effects resulting from all equity awards were reflected as noncash operating activities. During fiscal year 2018, the Company withheld approximately 21,775 shares at an aggregate cost of approximately $691, as permitted by the applicable equity award agreements, to satisfy employee tax withholding requirements for employee share-based equity awards that have vested. As of June 30, 2018 and 2017, unrecognized compensation cost related to nonvested, share-based compensation was $4,428 and $3,601, respectively.

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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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