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Stock-Based Incentive Plan
 12 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Incentive Plan
Stock-Based Incentive Plan
We have granted option awards to purchase common stock (the "Stock Options"), restricted common stock awards ("Restricted Stock"), and/or unrestricted fully vested common stock, to employees, directors, and consultants of the Company under the Evolution Petroleum Corporation Amended and Restated 2004 Stock Plan (the "Plan"). The Plan authorized the issuance of 6,500,000 shares of common stock and 812,281 shares remain available for grant as of June 30, 2014.
Stock Options and Incentive Warrants
Non-cash stock-based compensation expense related to Stock Options for the years ended June 30, 2014, 2013 and 2012 was $0, $26,274 and $327,776, respectively. As of August 31, 2012, all compensation costs attributable to Stock Options had been recognized. No Stock Options have been granted since August 2008.
The following summary presents information regarding outstanding Stock Options as of June 30, 2014, and the changes during the fiscal year:
 
Number of Stock
Options

 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic Value(1)
 
Weighted
Average
Remaining
Contractual
Term (in
years)
Stock Options and Incentive Warrants outstanding at
June 30, 2013
4,822,820

 
$
1.99

 
 

 
 
Granted
—

 
—

 
 

 
 
Exercised
(4,644,759
)
 
$
1.99

 
 

 
 
Canceled or forfeited
—

 
—

 
 

 
 
Expired
—

 
—

 
 

 
 
Stock Options and Incentive Warrants outstanding at
June 30, 2014
178,061

 
$
2.08

 
$
1,580,075

 
1.75
Vested or expected to vest at June 30, 2014
178,061

 
$
2.08

 
$
1,580,075

 
1.75
Exercisable at June 30, 2014
178,061

 
$
2.08

 
$
1,580,075

 
1.75
_______________________________________________________________________________

(1)
Based upon the difference between the market price of our common stock on the last trading date of the period ($10.95 as of June 30, 2014) and the Stock Option or Incentive Warrant exercise price of in-the-money Stock Options and Incentive Warrants.
For the year ended June 30, 2014, there were 4,644,759 Stock Options and Incentive Warrants exercised with an aggregate intrinsic value of $47,504,114. For the year ended June 30, 2013, there were 550,000 Stock Options exercised, with an aggregate intrinsic value of $5,233,480. For the year ended June 30, 2012, there were 20,000 Stock Options exercised with an aggregate intrinsic value of $54,000.
During the years ended June 30, 2014, 2013, and 2012, there were 0, 18,922, and 154,955 Stock Options and Incentive Warrants that vested with a total grant date fair value of $0, $46,359, and $336,252, respectively.
Restricted Stock
For the years ended June 30, 2014, 2013, and 2012, we recognized stock-based compensation expense related to Restricted Stock grants of $1,728,687, $1,505,471, and $1,148,219, respectively. Of total stock compensation expense for the year end June 30, 2014, $376,365 was incurred in connection our second quarter restructuring. See Note 5 - Restructuring.
The following table sets forth the Restricted Stock transactions for the year ended June 30, 2014:
 
Number of
Restricted
Shares
 
Weighted
Average
Grant-Date
Fair Value
Unvested at June 30, 2013
386,599

 
$
6.65

Granted
39,732

 
$
12.58

Vested
(277,198
)
 
$
6.48

Forfeited
(9,066
)
 
$
5.98

Unvested at June 30, 2014
140,067

 
$
8.70


During the years ended June 30, 2014, 2013, and 2012, there were 277,198, 277,198, and 239,195 shares of Restricted Stock that vested with a total grant date fair value of $1,796,243, $1,427,570, and $1,078,769, respectively.
At June 30, 2014, unrecognized stock compensation expense related to Restricted Stock grants totaled $997,403. Such unrecognized expense will be recognized over a weighted average remaining service period of 2.1 years.