Stock-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

The Company adopted a Long Term Incentive Plan (the "Incentive Plan") which became effective on January 1, 2014, 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, 2024, 11,069 shares remain available for future issuance under the long term incentive plan.

On August 5, 2024, under the Incentive Plan, Malibu Boats, Inc. granted two awards to its newly-appointed Chief Executive Officer. The two service-based stock awards include 44,064 units that will vest in equal installments over three years

and 14,363 units that will vest in one year. The combined grant date fair value of these awards was $2,047 based on a stock price of $35.04 per share on the date of grant.

The following is a summary of the changes in the Company's stock options for the three months ended September 30, 2024:



	Shares	Weighted-Average Exercise Price/Share
Total outstanding options as of June 30, 2024	17,973	$	37.55
Options granted	—	—
Options exercised	—	—

Outstanding options as of September 30, 2024	17,973	$	37.55
Exercisable as of September 30, 2024	17,973	$	37.55

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, 2024:


	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 as of June 30, 2024	519,106	$	50.08
Granted	59,757	35.04
Vested	(2,880)	39.31
Forfeited	(26,026)	70.07
Total Non-vested Restricted Stock Units and Restricted Stock Awards as of September 30, 2024	549,957	$	47.56

Stock-based compensation expense attributable to the Company's share-based equity awards was $1,900 and $1,460 for the three months ended September 30, 2024 and 2023, respectively. Stock-based 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 interim condensed consolidated statements of operations and comprehensive (loss) income. Awards vesting during the three months ended September 30, 2024 include 1,330 fully vested restricted stock units issued to non-employee directors for their service as directors for the Company.