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Stock Based Compensation And Incentive Performance Plans | 6 Months Ended
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Dec. 31, 2011
Stock Based Compensation And Incentive Performance Plans [Abstract] |
Stock Based Compensation And Incentive Performance Plans |
10. | STOCK BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS
We have stock based compensation programs under which awards, including stock options, restricted stock, restricted stock units and unrestricted shares, may be granted to employees, consultants and non-employee directors. During the six months ended December 31, 2011, 231,824 shares of restricted stock and restricted stock units were granted with an estimated grant date value of $8,193. Included in this grant were 85,363 restricted shares and restricted stock units granted under the Company's 2012-2013 Long-term Incentive Plan, 42,683 of which are subject to the achievement of minimum performance goals established under that plan (see "Long-Term Incentive Plan," below). There were no stock options granted during the six month period. Compensation cost and related income tax benefits recognized in the Company's condensed consolidated statements of operations for stock based compensation plans were as follows:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Compensation cost (included in selling, general and administrative expense) |  | $ | 1,969 |  |  | $ | 2,161 |  |  | $ | 3,763 |  |  | $ | 3,911 |
Related income tax benefit |  | $ | 767 |  |  | $ | 712 |  |  | $ | 1,466 |  |  | $ | 1,264 |
Stock Options A summary of our stock option activity for the six months ended December 31, 2011 is as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Life |  |  | Aggregate Intrinsic Value |
Options outstanding June 30, 2011 |  |  | 3,497,752 |  |  | $ | 17.35 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (322,850 | ) |  |  | 16.54 |  |  |  |  |  |  |  |  |
Canceled and expired |  |  | (2,550 | ) |  |  | 16.44 |  |  |  |  |  |  |  |  |
Options outstanding December 31, 2011 |  |  | 3,172,352 |  |  | $ | 17.43 |  |  |  | 3.38 |  |  | $ | 55,296 |
Options exercisable at December 31, 2011 |  |  | 2,529,708 |  |  | $ | 17.57 |  |  |  | 3.20 |  |  | $ | 44,435 |
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing stock price on the last day of trading in the six month period ended December 31, 2011 and the exercise price) that would have been received by the option holders had all options been exercised on December 31, 2011. This value will change based on the fair market value of the Company's common stock. For the six months ended December 31,
|  | 2011 |  |  | 2010 |
Intrinsic value of options exercised |  | $ | 5,964 |  |  | $ | 1,382 |
Cash received from stock option exercises |  | $ | 5,340 |  |  | $ | 2,219 |
Tax benefit recognized from stock option exercises |  | $ | 1,801 |  |  | $ | 533 |
At December 31, 2011 there was $1,397 of unrecognized compensation expense related to stock option awards, which will be recognized over a weighted average period of approximately 1.2 years. Restricted Stock A summary of our non-vested restricted stock awards and activity for the six months ended December 31, 2011 were as follows:
|  | Number of Shares and Units |  |  | Weighted Average Grant Date Fair Value (per share) |
Non-vested restricted stock and units – June 30, 2011 |  |  | 407,231 |  |  | $ | 22.43 |
Granted |  |  | 231,824 |  |  |  | 35.34 |
Vested |  |  | (73,951 | ) |  |  | 21.62 |
Forfeited |  |  | (13,364 | ) |  |  | 25.77 |
Non-vested restricted stock and units – December 31, 2011 |  |  | 551,740 |  |  | $ | 27.88 |
For the six months ended December 31,
|  | 2011 |  |  | 2010 |
Fair value of restricted stock and restricted stock units granted |  | $ | 8,193 |  |  | $ | 7,055 |
Fair value of shares vested |  | $ | 2,592 |  |  | $ | 1,884 |
Tax benefit recognized from restricted shares vesting |  | $ | 990 |  |  | $ | 527 |
At December 31, 2011, $11,379 of unrecognized stock-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards is expected to be recognized over a weighted-average period of approximately 2.5 years. There were 7,280,726 shares of Common Stock reserved for future issuance in connection with stock based awards as of December 31, 2011. Long-Term Incentive Plan The Company adopted, beginning in fiscal 2010, a long-term incentive program, (the "LTI Plan"). The LTI Plan currently consists of two two-year performance-based long-term incentive plans (the "2011-2012 LTIP" and the "2012-2013 LTIP") that provide for a combination of equity grants and performance awards that can be earned over the two year period. The initial two-year long-term incentive plan (the "2010-2011 LTIP") concluded in fiscal 2011. Participants in the LTI Plan include our executive officers, including the Chief Executive Officer, and certain other key executives. The Compensation Committee administers the LTI Plan and is responsible for, among other items, establishing the target values of awards to participants and selecting the specific performance factors for such awards. At the end of each performance period, the Compensation Committee determines, at its sole discretion, the specific payout to each participant. Such awards may be paid in cash and/or unrestricted shares of the Company's common stock at the discretion of the Compensation Committee. Upon the adoption of each two year plan, the Compensation Committee granted an initial award to each participant in the form of equity-based instruments (either restricted stock or stock options), for a portion of the individual target awards (the "Initial Equity Grants"). These Initial Equity Grants are subject to time vesting requirements, and a portion of the 2011-2012 LTIP and 2012-2013 LTIP related grants are also subject to the achievement of minimum performance goals. The Initial Equity Grants are expensed over the respective vesting periods on a straight-line basis. The payment of the actual awards earned at the end of the applicable performance period, if any, will be reduced by the value of the Initial Equity Grants. The Compensation Committee determined that the target values set under the 2010-2011 LTIP were achieved and approved the payment of awards to the participants. The awards totaled $7,825 after deducting the value of the Initial Equity Grants and were settled by the issuance of 63,099 unrestricted shares of the Company's common stock and $5,869 in cash in fiscal 2012. The Company has determined that the achievement of certain of the performance goals for the 2011-2012 LTIP and 2012-2013 LTIP are probable and, accordingly, recorded expense (in addition to the expense associated with the Initial Equity Grants) of $1,839 for the three months and $3,567 for the six months ended December 31, 2011 related to these plans. There was $3,037 and $3,698, respectively, of expense recorded for the three months and six months ended December 31, 2010 with respect to our LTI Plan.

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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