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Share-Based Compensation | 6 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | NOTE 14 – SHARE-BASED COMPENSATION The Radiant Logistics, Inc. 2021 Omnibus Incentive Plan (the “2021 plan”) permits the Company’s Audit and Executive Committee to grant share-based awards to eligible employees, non-employee directors, and consultants of the Company. 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 replaced 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, there are no other equity compensation plans under which equity awards can be granted. Restricted Stock Units The Company recognized share-based compensation benefit related to restricted stock units of $1,831 and $1,686 for the three and six months ended December 31, 2024, respectively. The benefit recorded during the three and six months ended December 31, 2024 is due to forfeitures of certain PSU grants, and a change in the probable outcome of performance conditions being achieved for other PSU grants. The Company recognized share-based compensation expense related to restricted stock units of $676 and $1,539 for the three and six months ended December 31, 2023, respectively. As of December 31, 2024, the Company had approximately $3,769 of total unrecognized share-based compensation expense for restricted stock units expected to be recognized over a weighted average period of approximately 2.33 years. The following table summarizes restricted stock unit activity:
| Number of Units |  |  | Weighted Average Grant Date Fair Value |
Unvested balance as of June 30, 2024 |  | 1,553,127 |  |  | $ | 6.63 |
Vested |  | (226,461 | ) |  |  | 6.60 |
Granted |  | 529,598 |  |  |  | 6.85 |
Forfeited |  | (377,209 | ) |  |  | 7.06 |
Unvested balance as of December 31, 2024 |  | 1,479,055 |  |  | $ | 6.60 |
The table above includes a total of 870,252 and 892,578 PSUs with performance-based conditions as of June 30, 2024 and December 31, 2024, respectively. These awards will vest upon achievement of pre-established individual and Company performance goals as measured after a three-year period. 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 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 and $36 for the three and six months ended December 31, 2024, respectively, and $18 and $36 for the three and six months ended December 31, 2023, respectively. As of December 31, 2024, the Company had approximately $101 of total unrecognized share-based compensation expense for stock options expected to be recognized over a weighted average period of approximately 1.42 years. The following table summarizes stock option activity:
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding as of June 30, 2024 |  | 733,093 |  |  | $ | 4.63 |  |  |  | 1.73 |  |  | $ | 963 |
Exercised |  | (282,184 | ) |  |  | 4.26 |  |  |  | — |  |  |  | 801 |
Outstanding as of December 31, 2024 |  | 450,909 |  |  | $ | 4.86 |  |  |  | 1.99 |  |  | $ | 904 |
Exercisable as of December 31, 2024 |  | 410,909 |  |  | $ | 4.61 |  |  |  | 1.56 |  |  | $ | 904 |

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