XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS | 6 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS | STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS The Company has a stockholder-approved plan, the Amended and Restated 2002 Long-Term Incentive and Stock Award Plan (the "2002 Plan"), under which the Company’s officers, senior management, other key employees, consultants and directors may be granted equity-based awards. The Company also grants shares under its 2019 Equity Inducement Award Program (the "2019 Inducement Program") to induce selected individuals to become employees of the Company. The 2002 Plan and 2019 Inducement Program are collectively referred to as the "Stock Award Plans." In conjunction with the Stock Award Plans, the Company maintains a long-term incentive program (the “LTI Program” or "LTIP") that provides for equity awards, including performance and market-based equity awards that can be earned over defined performance periods. 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Selling, general and administrative expense | $ | 4,156 |  |  | $ | 3,823 |  |  | $ | 8,443 |  |  | $ | 8,190 |
Related income tax benefit | $ | 434 |  |  | $ | 199 |  |  | $ | 707 |  |  | $ | 1,006 |
Restricted Stock Awards of restricted stock are either restricted stock awards ("RSAs") or restricted stock units ("RSUs") that are issued at no cost to the recipient. Performance-based or market-based RSUs are issued in the form of performance share units ("PSUs"). A summary of the restricted stock activity (including all RSAs, RSUs and PSUs) for the six months ended December 31, 2021 is as follows:
| Number of Shares and Units |  | Weighted Average Grant Date Fair Value (per share)
Non-vested RSAs, RSUs and PSUs outstanding at June 30, 2021 | 1,780 |  |  | $ | 16.55 |
Granted | 774 |  |  | $ | 44.82 |
Vested | (1,497) |  |  | $ | 15.10 |
Forfeited | (108) |  |  | $ | 16.41 |
Non-vested RSAs, RSUs and PSUs outstanding at December 31, 2021 | 949 |  |  | $ | 41.94 |
The table above includes a total of 183 shares granted during the six months ended December 31, 2021 that represent the target number of shares that may be earned based on pre-defined market conditions that are eligible to vest ranging from zero to 200% of target. All such shares remained outstanding at December 31, 2021 and relate to the 2022-2024 LTIP as further described below. Granted shares also include 15 shares that may be earned based on certain performance-based metrics being met. Vested shares during the six months ended December 31, 2021 include a total of 1,299 shares under the 2019-2021 LTIP that vested at 100% of target based on achievement of target absolute total shareholder return ("TSR") levels, and a total of 13 shares granted in a previous period that vested based on certain performance-based metrics being met. The fair value of RSAs, RSUs and PSUs granted and of shares vested, and the tax benefit recognized from restricted shares vesting was as follows:
| Six Months Ended December 31,
| 2021 |  | 2020
Fair value of RSAs, RSUs and PSUs granted | $ | 34,678 |  |  | $ | 6,101 |
Fair value of shares vested | $ | 68,017 |  |  | $ | 5,150 |
Tax benefit recognized from restricted shares vesting | $ | 3,532 |  |  | $ | 939 |
At December 31, 2021, there was $34,665 of unrecognized stock-based compensation expense related to non-vested restricted stock awards which is expected to be recognized over a weighted average period of 2.4 years. 2022-2024 LTIP During the three months ended December 31, 2021, the Company granted market-based PSU awards under the LTI Program with a total target payout of 183 shares of common stock. Vesting is pursuant to a defined calculation of either relative TSR or absolute TSR (as defined) over the period from November 18, 2021 through the earlier of (i) November 17, 2024; (ii) the date the participant’s employment is terminated due to death or Disability (as defined); or (iii) the effective date of a Change in Control (as defined) (the “TSR Performance Period”). Vesting of 123 target shares of the PSU awards is pursuant to a defined calculation of relative TSR over the TSR Performance Period (the “Relative TSR PSUs”). Vesting of 60 target shares of the PSU awards is pursuant to the achievement of pre-established three-year compound annual TSR targets over the TSR Performance Period (the “Absolute TSR PSUs”). Total shares eligible to vest for both the Relative TSR PSUs and Absolute TSR PSUs range from zero to 200% of the target amount. Grant date fair values are calculated using a Monte-Carlo simulation model with grant date fair values per target share and related valuation assumptions as follows:
| Absolute TSR PSUs |  | Relative TSR PSUs
Grant date fair value (per target share) | $39.51 |  | $60.99
Risk-free interest rate | 0.84 | % |  | 0.84 | %
Expected dividend yield | — |  | —
Expected volatility | 36.90 | % |  | 24.20 | %
Expected term | 3.00 years |  | 3.00 years

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration