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Equity Plans | 9 Months Ended
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Mar. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Equity Plans | Note (10) – Equity Plans: Equity Incentive Plan In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. The fair value of awards granted under the Plan is expensed on a 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 nine months ended March 31, 2022, restricted stock awards of a total of 134,612 shares, 135,816 restricted stock units, and 8,287 stock awards were granted under the Plan. Stock awards represent shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. During the three months ended March 31, 2022, restricted stock units of a total of 79,393 shares were granted under the Plan. No restricted stock awards or stock awards were granted under the Plan during the three months ended March 31, 2022. During the nine months ended March 31, 2022, restricted stock awards of a total of 13,203 shares were forfeited and returned to the Plan. There were no restricted stock awards forfeited during the three months ended March 31, 2022. There were 9,457 and 1,130 restricted stock units forfeited during the nine and three months ended March 31, 2022, respectively. During the nine months ended March 31, 2021, restricted stock awards of a total of 8,624 shares and 204,014 restricted stock units were granted under the Plan. During the three months ended March 31, 2021, 2,400 restricted stock units were granted under the Plan. During the nine months ended March 31, 2021, restricted stock awards of a total of 1,492 shares were forfeited and returned to the Plan. There were no shares forfeited during the three months ended March 31, 2021. For the nine and three months ended March 31, 2022, non-cash share-based compensation expense related to awards granted under the Plan (which, in each case, included restricted stock units and, for the nine-month period, also included restricted stock awards and stock awards, as described above) totaled $1.9 million and $627,000, respectively. For the nine and three months ended March 31, 2021, non-cash share-based compensation expense related to awards granted under the Plan (which, in each case, included restricted stock units and, for the nine-month period, also included restricted stock awards, as described above) totaled $1.8 million and $640,000, respectively. As of March 31, 2022, the Company had $18.5 million and $9.5 million of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan, which is expected to be recognized over the weighted-average period of 17.1 years and 10.8 years, respectively. The following is a summary of non-vested restricted stock activity as of and for the nine months ended March 31, 2022:
|  | 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, 2021 |  |  | 919,259 |  |  | $ | 19.59 |  |  |  | 253,913 |  |  | $ | 30.92 |
Granted |  |  | 134,612 |  |  |  | 35.32 |  |  |  | 135,816 |  |  |  | 24.54 |
Vested |  |  | (14,485) |  |  |  | 25.11 |  |  |  | (6,350) |  |  |  | - |
Forfeited |  |  | (13,203) |  |  |  | 14.20 |  |  |  | (9,457) |  |  |  | 33.68 |
Non-vested awards or units outstanding at March 31, 2022 |  |  | 1,026,183 |  |  | $ | 21.65 |  |  |  | 373,922 |  |  | $ | 28.56 |
18 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 (Unaudited) Employee Stock Purchase Plan During 2017, the Company’s stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The Company’s employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During the nine months ended March 31, 2022, 2,008 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $59,000. During the nine months ended March 31, 2021, 693 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $21,000. No shares were issued under the Company’s employee stock purchase plan during the three months ended March 31, 2022 or 2021.

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