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Share-Based Compensation | 3 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | NOTE 14 – SHARE-BASED COMPENSATION On November 17, 2021, the Company’s stockholders, upon recommendation of the Board of the Company, approved the Radiant Logistics, Inc. 2021 Omnibus Incentive Plan (the “2021 plan”) at the 2021 annual meeting of stockholders. The Board previously approved the 2021 Plan, subject to approval by the Company’s stockholders, on September 27, 2021. The 2021 Plan became effective immediately upon approval by the Company’s stockholders and will expire on November 16, 2031, unless terminated earlier by the Board. The 2021 plan replaces the 2012 Radiant Logistics, Inc. Stock Option and Performance Award Plan (the “2012 plan”). The remaining shares available for grant under the 2012 plan will roll over into the 2021 plan, and no new awards will be granted under the 2012 plan. The terms of the 2012 plan, as applicable, will continue to govern awards outstanding under the 2012 plan, until exercised, expired, paid or otherwise terminated or canceled. Other than the 2021 plan, we have no other equity compensation plans under which equity awards can be granted. The 2021 Plan will permit the Company’s Audit and Executive Oversight Committee to grant to eligible employees, non-employee directors and consultants of the Company non-statutory and incentive stock options, stock appreciation rights (also known as SARs), restricted stock awards, restricted stock units (also known as RSUs), deferred stock units (also known as DSUs), performance awards, non-employee director awards, other cash-based awards and other share-based awards. Subject to adjustment, the maximum number of shares of our common stock to be authorized for issuance under the 2021 Plan is 3,250,000 shares, plus (i) shares of our common stock remaining available for issuance under the 2012 Plan as of the date of stockholder approval of the 2021 Plan, but not subject to outstanding awards as of such date, plus (ii) the number of additional shares of our common stock subject to awards outstanding under the 2012 Plan as of the date of stockholder approval of the 2021 Plan that are subsequently forfeited, cancelled, expire or otherwise terminate without the issuance of such shares of our common stock after such date (which may otherwise be returned and available for grant under the term of the 2012 Plan and 2021 Plan). Restricted Stock Awards The Company recognized share-based compensation expense related to restricted stock awards of $591 for the three months ended September 30, 2022 and $327 for the three months ended September 30, 2021. As of September 30, 2022, the Company had approximately $4,918 of total unrecognized share-based compensation cost for restricted stock awards. Such costs are expected to be recognized over a weighted average period of approximately 2.23 years. The following table summarizes restricted stock award activity under the plans:
| Number of Units |  |  | Weighted Average Grant Date Fair Value |
Unvested balance as of June 30, 2022 |  | 962,998 |  |  | $ | 6.17 |
Vested |  | (218,693 | ) |  |  | 5.57 |
Granted |  | 333,803 |  |  |  | 6.90 |
Forfeited |  | (5,678 | ) |  |  | 5.80 |
Unvested balance as of September 30, 2022 |  | 1,072,430 |  |  | $ | 6.52 |
Stock Options Stock options are granted at exercise prices equal to the fair value of the common stock at the date of the grant and have a term of ten years. Generally, grants under each plan vest 20% annually over a five-year period from the date of grant. The Company recognized share-based compensation expense related to stock options of $18 for the three months ended September 30, 2022 and $23 for the three months ended September 30, 2021. The aggregate intrinsic value of options exercised was $2 for the three months ended September 30, 2022 and $14 for the three months ended September 30, 2021. As of September 30, 2022, the Company had approximately $262 of total unrecognized share-based compensation cost for stock options. Such costs are expected to be recognized over a weighted average period of approximately 3.68 years. The following table summarizes stock option activity under the plans:
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding as of June 30, 2022 |  | 1,105,084 |  |  | $ | 4.06 |  |  |  | 3.09 |  |  | $ | 3,719 |
Exercised |  | (411 | ) |  |  | 1.75 |  |  |  | — |  |  |  | 2 |
Outstanding as of September 30, 2022 |  | 1,104,673 |  |  | $ | 4.06 |  |  |  | 2.84 |  |  | $ | 1,990 |
Exercisable as of September 30, 2022 |  | 1,024,673 |  |  | $ | 3.79 |  |  |  | 2.38 |  |  | $ | 1,990 |

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