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Equity Incentive Plan

6 Months Ended

Dec. 31, 2018

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

Equity Incentive Plan

Note (8) – Equity Incentive Plan: In November 2015, the Company’s stockholders approved the Company’s 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 is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. During the three and six months ended December 31, 2018, restricted stock awards and restricted stock units of a total of 6,845 shares and 15,000 shares, respectively, were granted under the Plan. During the three and six months ended December 31, 2017, restricted stock awards of 8,982 shares were granted under the Plan. As of December 31, 2018, the Company had $15.0 million and $527,000 of total unrecognized compensation expense related to restricted stock awards and restricted stock units granted under the Plan, respectively.

The following is a summary of non-vested restricted stock activity as of and for the six months ended December 31, 2018:

		Restricted Stock Awards								Restricted Stock Units
		Shares				Weighted- Average Grant Date Fair Value				Shares				Weighted- Average Grant Date Fair Value
Non-vested awards or units outstanding at June 30, 2018			903,102			$	18.41				—			$	—
Granted			6,845				36.53				15,000				35.40
Vested			(28,170	)			15.38				—				—
Forfeited			—				—				—				—
Non-vested awards or units outstanding at December 31, 2018			881,777			$	18.65				15,000			$	35.40

Employee Stock Purchase Plan

The Company’s employee stock purchase plan commenced on July 1, 2018 and provides for six-month offering periods, the first of which expired on December 31, 2018. During the three and six months ended December 31, 2018, 726 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $23,000.

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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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- References

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