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Equity Plan

12 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Plan

19. Equity Plan In November 2015, the Company’s stockholders approved the EnviroStar, Inc. 2015 Equity Incentive Plan (the “Plan”).  The Plan authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan.  The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards.  Share-based compensation expense, which totaled $1,575,000 and $421,000 in fiscal 2018 and 2017, respectively, is included in selling, general and administrative expenses in the Company’s consolidated statements of operations.  During fiscal 2018, the Company granted a total of 66,226 shares of restricted stock, a portion of which is scheduled to vest ratably over four years and the remainder of which is scheduled to vest in 10 to 29 years. The total grant date fair value of such restricted stock was $2.5 million.  During fiscal 2017, the Company granted a total of 890,576 shares of restricted stock, a portion of which is scheduled to vest ratably over four years and the remainder of which is scheduled to vest in 10 to 24 years. The total grant date fair value of such restricted stock was $15.1 million.  In each case, the fair value of the restricted stock was determined using the closing price of the Company’s common stock on the applicable grant date.  During fiscal 2018, 53,700 shares of restricted stock vested and 20,918 shares of Common stock with an aggregate fair market value of $707,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock.  No restricted stock awards vested during fiscal 2017.  As of June 30, 2018, the Company had $15.6 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock, which is recognized over the weighted-average period of 17.6 years after the respective dates of grant.

The following is a summary of non-vested restricted stock activity as of and for the year ended June 30, 2018:

		Shares				Weighted- Average Grant Date Fair Value
Non-vested restricted stock outstanding at June 30, 2017			890,576			$	16.94
Granted			66,226				37.24
Vested			53,700				17.32
Forfeited			—				—
Non-vested restricted stock outstanding at June 30, 2018			903,102			$	18.41

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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

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