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Stock-Based Incentive Plan (Tables) | 12 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Valuation Assumptions | Assumptions used in the Monte Carlo simulation valuations for the years ended June 30, 2020 and 2019 were:
| Year Ended June 30,
| 2020 |  | 2019
Weighted average fair value of market-based awards granted | $ | 3.79 |  |  | $ | 8.24 |
Risk-free interest rate | 1.65% to 1.87% |  |  | 2.69 | %
Expected life in years | 1.35 to 2.56 |  |  | 2.82 |
Expected volatility | 38.6% to 43.7% |  |  | 41.8 | %
Dividend yield | 6% to 7.2% |  |  | 4.0 | %
Schedule of Restricted Stock transactions | The following table sets forth the Restricted Stock transactions for the year ended June 30, 2020:
| Number of Restricted Shares |  | Weighted Average Grant-Date Fair Value |  | Unamortized Compensation Expense at June 30, 2020 |  | Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019 | 176,683 |  |  | $ | 8.09 |  |  | $ | — |  |  |
Service-based shares granted | 157,386 |  |  | 5.73 |  |  |  |  |
Market-based shares granted | 104,236 |  |  | 4.34 |  |  |  |  |
Vested | (104,159 | ) |  | 7.19 |  |  |  |  |
Forfeited | (49,118 | ) |  | 9.35 |  |  |  |  |
Unvested at June 30, 2020 | 285,028 |  |  | $ | 5.53 |  |  | $ | 1,001,477 |  |  | 1.74
The following table summarizes Contingent Restricted Stock activity for the year ended June 30, 2020:
| Number of Restricted Stock Units |  | Weighted Average Grant-Date Fair Value |  | Unamortized Compensation Expense at June 30, 2020 |  | Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2019 | 10,156 |  |  | $ | 3.42 |  |  |  |  |
Market-based awards granted | 200,000 |  |  | 3.50 |  |  |  |  |  |
Vested | (10,156 | ) |  | 3.42 |  |  |  |  |
Unvested at June 30, 2020 | 200,000 |  |  | $ | 3.50 |  |  | $ | 156,591 |  |  | 0.52
Unvested Restricted Stock awards at June 30, 2020 consisted of the following:
Award Type | Number of Restricted Shares |  | Weighted Average Grant-Date Fair Value
Service-based awards | 155,318 |  |  | $ | 5.88 |
Market-based awards | 129,710 |  |  | 5.10 |
Unvested at June 30, 2020 | 285,028 |  |  | $ | 5.53 |
Schedule of Restricted Stock Activity | The following is a summary of Contingent Restricted Stock vestings for the last two fiscal years:
| Year Ended June 30,
| 2020 |  | 2019
Vest-date intrinsic value of Contingent Restricted Stock | $ | 60,225 |  |  | $ | 105,227 |
Grant-date fair value of vested Contingent Restricted Stock | $ | 34,734 |  |  | $ | 60,266 |
Number of awards that vested | 10,156 |  |  | 10,629 |
The following is a summary of Restricted Stock that vested during the last two fiscal years:
| Year Ended June 30,
| 2020 |  | 2019
Vesting-date intrinsic value of Restricted Stock | $ | 477,647 |  |  | $ | 1,141,631 |
Grant-date fair value of vested Restricted Stock | $ | 748,893 |  |  | $ | 909,678 |
Number of awards that vested | 104,159 |  |  | 133,776 |

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