Stock-Based Compensation And Incentive Performance Plans

6 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation And Incentive Performance Plans

STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS

The Company has one stockholder approved plan, the Amended and Restated 2002 Long-Term Incentive and Stock Award Plan, under which the Company’s officers, senior management, other key employees, consultants and directors may be granted options to purchase the Company’s common stock or other forms of equity-based awards. The Company also grants shares under its 2019 Equity Inducement Award Program to induce selected individuals to become employees of the Company. The Company maintains a long-term incentive program (the “LTI Plan”). As of December 31, 2019, the LTI Plan consisted of two performance-based long-term incentive plans (the “2018-2020 LTIP” and “2019-2021 LTIP”) that provide for performance equity awards that can be earned over defined performance periods. As of December 31, 2018, the Company maintained the 2017-2019 LTIP in addition to a 2016-2018 LTIP that provided for performance equity awards that could have been earned over a three-year performance period. The Company's plans are described in Note 14, Stock-Based Compensation and Incentive Performance Plans, in the Notes to the Consolidated Financial Statements in the Form 10-K.

Compensation cost and related income tax benefits recognized in the Consolidated Statements of Operations for stock-based compensation plans were as follows:


	Three Months Ended December 31,						Six Months Ended December 31,
	2019		2018		2019		2018
Selling, general and administrative expense	$	3,083	$	1,776	$	5,820	$	1,562
Chief Executive Officer Succession Plan expense, net	—		117		—		429
Discontinued operations	—		18		544		55
Total compensation cost recognized for stock-based compensation plans	$	3,083	$	1,911	$	6,364	$	2,046
Related income tax benefit	$	297	$	256	$	670	$	295

During the six months ended December 31, 2018, the Company determined that the achievement of the adjusted operating income goals required to be met for Section 162(m) funding were not probable and therefore no awards would be paid or vested

pursuant to the 2016-2018 LTIP and 2017-2019 LTIP. As such, in the six months ended December 31, 2018, the Company recorded a benefit of $9,478 associated with the reversal of previously accrued amounts for awards under these plans that were dependent on the achievement of pre-determined performance measures. Of this amount, $5,065 was recorded in Chief Executive Officer Succession Plan expense, net, and $4,413 was recorded to Selling, general and administration expense (including $1,867 of stock-based compensation expense).

Restricted Stock

A summary of the restricted stock and restricted share unit activity for the six months ended December 31, 2019 is as follows:


	Number of Shares and Units	Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock, restricted share units, and performance units outstanding at June 30, 2019	2,729	$	12.94
Granted	486	$	18.43
Vested	(188)	$	23.31
Forfeited	(1,094)	$	7.89
Non-vested restricted stock, restricted share units, and performance units outstanding at December 31, 2019	1,933	$	15.48

At December 31, 2019 and June 30, 2019, the table above includes a total of 1,318 and 1,964 shares, respectively, that represent the target number of shares that may be earned under non-vested performance equity awards that are eligible to vest at 300% of target depending on the achievement of pre-defined performance criteria. Additionally, at December 31, 2019 and June 30, 2019, the table above includes a total of 29 and 42 shares, respectively, that represent the target number of shares that may be earned under non-vested performance equity awards that are eligible to vest at 150% of target depending on the achievement of pre-defined performance criteria.


	Six Months Ended December 31,
	2019		2018
Fair value of restricted stock and restricted share units granted	$	8,963	$	10,073
Fair value of shares vested	$	4,276	$	6,938
Tax (benefit) expense recognized from restricted shares vesting	$	(58)	$	2,561

At December 31, 2019, there was $20,957 of unrecognized stock-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards which is expected to be recognized over a weighted average period of 1.8 years.

Stock Options

A summary of the stock option activity for the six months ended December 31, 2019 is as follows:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
Options outstanding and exercisable at June 30, 2019	122	$	2.26
Exercised	—	—
Options outstanding and exercisable at December 31, 2019	122	$	2.26	11.5	$	2,890

At December 31, 2019, there was no unrecognized compensation expense related to stock option awards.