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6. Stockholders' Equity
 9 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity

6. Stockholders’ Equity

 

Stock Incentive Plans

 

In November 2020, our stockholders voted to approve the 2020 Performance Incentive Plan (the “2020 Plan”), replacing our Amended and Restated 2010 Stock Incentive Plan (the “2010 Plan”), which expired in September 2020. At the 2010 Plan’s expiration date, approximately 1,097,000 shares of our common stock that remained available for award grants under the 2010 Plan became available for award grants under the 2020 Plan. An additional 2,500,000 shares our common stock are also available for award grants under the 2020 Plan. In addition, any shares of common stock subject to outstanding awards under the 2010 Plan that expire, are cancelled, or otherwise terminate after the expiration date of the 2010 Plan will be available for award grant purposes under the 2020 Plan.

 

Our stock incentive plans permit the granting of stock options (both incentive and nonqualified stock options), restricted stock units (“RSUs”), stock appreciation rights, non-vested stock, and performance share units (“PSUs”) to certain employees, directors and consultants. As of March 31, 2021, no stock appreciation rights or non-vested stock were outstanding.

 

Stock Options

 

The following table presents a summary of activity during the nine months ended March 31, 2021 with respect to our stock options:

 

       Weighted- 
       Average 
   Number of   Exercise Price 
   Shares   per Share 
   (In thousands)     
Balance of options outstanding at June 30, 2020   2,055   $2.72 
Granted   50    4.41 
Forfeited   (37)   1.80 
Expired   (16)   2.18 
Exercised   (314)   1.78 
Balance of options outstanding at March 31, 2021   1,738   $2.95 

  

Restricted Stock Units

 

The following table presents a summary of activity during the nine months ended March 31, 2021 with respect to our RSUs:

 

       Weighted- 
       Average 
       Grant Date 
   Number of   Fair Value 
   Shares   per Share 
   (In thousands)     
Balance of RSUs outstanding at June 30, 2020   927   $3.93 
Granted   368    4.64 
Vested   (265)   3.73 
Forfeited   (28)   3.22 
Balance of RSUs outstanding at March 31, 2021   1,002   $4.05 

 

Performance Stock Units

 

In November 2020, we granted 415,000 PSUs to certain executive employees. One third of the PSUs will be eligible to vest in each of the three years beginning with the fiscal year ending June 30, 2021 if certain earnings per share and revenue targets are met.

 

The following table presents a summary of activity during the nine months ended March 31, 2021 with respect to our PSUs:

 

   Number of Shares 
   (In thousands) 
Balance of PSUs outstanding at June 30, 2020   985 
Granted   415 
Forfeited   (115)
Vested   (201)
Balance of PSUs outstanding at March 31, 2021   1,084 

 

Employee Stock Purchase Plan

 

Our 2013 Employee Stock Purchase Plan (“ESPP”) is intended to provide employees with an opportunity to purchase our common stock through accumulated payroll deductions at the end of a specified purchase period. Each of our employees (including officers) is eligible to participate in our ESPP, subject to certain limitations as set forth in our ESPP.

 

The following table presents a summary of activity during the nine months ended March 31, 2021 under our ESPP:

 

   Number of 
   Shares 
   (In thousands) 
Shares available for issuance at June 30, 2020   404 
Shares issued   (69)
Shares available for issuance at March 31, 2021   335 

 

Share-Based Compensation Expense

 

The following table presents a summary of share-based compensation expense included in each functional line item on our accompanying unaudited condensed consolidated statements of operations:

 

   Three Months Ended   Nine Months Ended 
   March 31,   March 31, 
   2021   2020   2021   2020 
   (In thousands) 
Cost of revenue  $70   $70   $212   $142 
Selling, general and administrative   803    939    1,919    2,176 
Research and development   170    123    405    331 
Total share-based compensation expense  $1,043   $1,132   $2,536   $2,649 

  

The following table presents the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of March 31, 2021:

 

   Remaining   Remaining 
   Unrecognized   Weighted- 
   Compensation   Average Years 
   Expense   To Recognize 
    (In thousands)      
Stock options  $992    1.8 
RSUs   3,678    2.7 
PSUs   1,428    1.8 
Stock purchase rights under ESPP   44    0.1 
   $6,142      

 

If there are any modifications or cancellations of the underlying unvested share-based awards, we may be required to accelerate, increase or cancel remaining unearned share-based compensation expense. Future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional share-based awards.