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Stock-Based Compensation | 12 Months Ended
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Jun. 30, 2012
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 11—Stock-Based Compensation Total stock-based compensation expense for the twelve months ended June 30, 2012, June 30, 2011, and June 30, 2010 was $3.5 million, $2.4 million and $2.1 million, respectively. Measured but unrecognized stock-based compensation expense at June 30, 2012 was $7.6 million, of which $6.6 million related to nonvested deferred shares and $1.0 million related to stock options. These amounts are expected to be recognized as expense over a weighted average period of 2.1 years. The recognized tax benefit related to the stock-based compensation expense for the 12 months ended June 30, 2012, June 30, 2011 and June 30, 2010 totaled $1.3 million, $0.9 million and $0.7 million, respectively. Plan Information The Company’s 2004 Stock Incentive Plan (“2004 Plan”) provides stock-based incentives for officers, other key employees and directors. Stock options, restricted stock units, stock appreciation rights and performance shares can be issued under this plan. Awards totaling 2,300,000 shares have been authorized under this plan, of which approximately 522,000 shares were available for grant at June 30, 2012. Stock Options Stock options are granted at the market value of the Company’s common stock on the grant date and expire after 10 years. The Company’s policy is to issue shares upon the exercise of stock options from its treasury shares, if available. The Company granted 282,450 shares of stock options in fiscal 2012 under our 2004 Plan. These stock options will cliff vest three years after the grant date. All other previously issued stock options have vested. Stock option activity and related information for the year ended June 30, 2012 is as follows:
|  | Number of Options |  |  | Weighted-Average Remaining Contractual Life |  |  | Weighted-Average Exercise Price |  |  | Aggregate Intrinsic Value |
|  |  |  |  | (Years) |  |  |  |  |  | (In thousands) |
Outstanding at June 30, 2011 |  |  | 292,180 |  |  |  | 3.2 |  |  | $ | 8.34 |  |  |  |  |
Granted |  |  | 282,450 |  |  |  |  |  |  | $ | 10.19 |  |  |  |  |
Exercised |  |  | (26,500 | ) |  |  |  |  |  | $ | 6.29 |  |  | $ | 120 |
Cancelled |  |  | (57,090 | ) |  |  |  |  |  | $ | 10.27 |  |  |  |  |
Outstanding at June 30, 2012 |  |  | 491,040 |  |  |  | 5.5 |  |  | $ | 9.29 |  |  | $ | 1,002 |
Vested or expected to vest at June 30, 2012 |  |  | 484,484 |  |  |  | 5.5 |  |  | $ | 9.28 |  |  | $ | 993 |
Exercisable at June 30, 2012 |  |  | 265,640 |  |  |  | 2.3 |  |  | $ | 8.53 |  |  | $ | 744 |
The Company uses the Black-Scholes option pricing model to estimate grant date fair value for each stock option granted. Expected volatility is based on the historic volatility of the Company’s stock. The risk-free rate is based on the applicable United States Treasury Note rate. The expected life of the option is based on historical and expected future exercise behavior. Assumptions used to calculate the fiscal 2012 grant date fair value and the fair value calculated was as follows:
|  | 2012 |
Grant date fair value |  | $ | 5.61 |
Risk-free interest rate |  |  | 0.88 | %
Expected volatility |  |  | 66.19 | %
Expected life in years |  |  | 5.00 |
Expected dividend yield |  |  | — |
The total intrinsic value of stock options exercised during fiscal 2012, 2011, and 2010 was $0.1 million, $0.2 million and $0.2 million, respectively. The following table summarizes information about stock options at June 30, 2012:
|  | Stock Options Outstanding |  |  | Stock Options Exercisable |
Range of Exercise Price |  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life |  |  | Options Exercisable |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life |
|  |  |  |  |  |  |  | (Years) |  |  |  |  |  |  |  |  | (Years) |
$2.13 – $ 3.70 |  |  | 16,600 |  |  | $ | 3.70 |  |  |  | 0.3 |  |  |  | 16,600 |  |  | $ | 3.70 |  |  |  | 0.3 |
4.60 – 5.49 |  |  | 81,900 |  |  |  | 4.79 |  |  |  | 2.5 |  |  |  | 81,900 |  |  |  | 4.79 |  |  |  | 2.5 |
8.93 – 12.20 |  |  | 392,540 |  |  |  | 10.47 |  |  |  | 6.4 |  |  |  | 167,140 |  |  |  | 10.85 |  |  |  | 2.3 |
$2.13 – $12.20 |  |  | 491,040 |  |  | $ | 9.29 |  |  |  | 5.5 |  |  |  | 265,640 |  |  | $ | 8.53 |  |  |  | 2.3 |
Nonvested Deferred Shares The Company has issued nonvested deferred shares under the following types of arrangements:
| • |  | Time based awards—Employee awards generally vest in four or five year equal annual installments beginning one year after the grant date. Director awards cliff vest on the earlier of three years or upon retirement from the Board.
| • |  | Performance based awards—These awards vest three years after the grant date only if actual performance meets or exceeds established performance criteria. The payout is pro-rated based on actual performance and can range from zero to one hundred percent of the original award. These awards also provide for an additional award of up to 50% of the original award in the form of phantom shares. The phantom share awards do not vest unless certain stretch financial targets are achieved and are settled in cash. As of June 30, 2012, there are approximately 43,000 performance based shares that are scheduled to vest in the second quarter of fiscal 2013. However, attainment of the performance criteria is considered remote; therefore, no expense has been recognized on these awards.
| • |  | Market based awards—These awards vest three years after the grant date if total shareholder return on the Company’s common stock achieves certain levels when compared to the total shareholder return of a peer group of companies as selected by the Compensation Committee of the Board of Directors. The payout is pro-rated and can range from zero to one hundred percent of the original award. These awards also provide for an additional award of up to 50% of the original award in the form of phantom shares. The phantom share awards are settled in cash and do not vest unless the total shareholder return on the Company’s common stock is within the top ten percent of the total shareholder return of the peer companies. As of June 30, 2012, there are approximately 43,000 market based shares that are scheduled to vest in the second quarter of fiscal 2013. At the current time, we are recognizing stock compensation expense based on a target payment. The expense will be adjusted when the relative performance of the Company’s common stock is known or if warranted by other factors.
All awards vest upon the death or disability of the participant or upon a change of control of the Company. Nonvested deferred share activity for the twelve months ended June 30, 2012 is as follows:
|  | Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Nonvested shares at June 30, 2011 |  |  | 957,008 |  |  | $ | 11.30 |
Shares granted |  |  | 364,600 |  |  | $ | 9.99 |
Shares vested and released |  |  | (184,149 | ) |  | $ | 12.36 |
Shares cancelled |  |  | (166,465 | ) |  | $ | 11.33 |
Nonvested shares at June 30, 2012 |  |  | 970,994 |  |  | $ | 10.75 |
There were 405,500 and 516,675 deferred shares granted in fiscal 2011 and 2010 with average grant date fair values of $10.57 and $9.74, respectively. There were 184,149, 126,428 and 165,291 deferred shares that vested and were issued in fiscal 2012, 2011 and 2010 with weighted average fair values of $10.23, $9.52 and $9.70 per share, 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://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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