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Share-Based Compensation | 12 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Long-Term Incentive Plans Equity-Settled Plans The Company adopted, and the shareholders approved, the 2007 Long-Term Incentive Plan (the “2007 Plan”), effective November 21, 2006, to provide incentives to certain eligible employees, directors and consultants. A maximum of 1.4 million shares of the Company’s common stock can be issued under the 2007 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2007 Plan and are outstanding to various employees, officers, directors, Scientific Advisory Board members and independent distributors at prices between $1.47 and $10.50 per share, with initial vesting periods of one to three years. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2007 Plan upon expiration of the award. The contractual term of stock options granted is generally ten years. As of June 30, 2018, there were stock option awards outstanding, net of awards expired, for the purchase in aggregate of 0.2 million shares of the Company’s common stock. Effective November 21, 2016, no new awards can be granted under the 2007 Plan. The Company adopted, and the shareholders approved, the 2010 Long-Term Incentive Plan (the “2010 Plan”), effective September 27, 2010, as amended on August 21, 2014, to provide incentives to certain employees, directors and consultants. A maximum of 1.5 million shares of the Company’s common stock can be issued under the 2010 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2010 Plan and are outstanding to various employees, officers and directors. Outstanding stock options awarded under the 2010 Plan have exercise prices between $5.60 and $20.09 per share, and vest over one to four year vesting periods. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2010 Plan upon expiration of the award. The contractual term of stock options granted is generally ten years. As of June 30, 2018, there were stock option awards outstanding, net of awards expired, for an aggregate of 0.1 million shares of the Company’s common stock. No new awards will be granted under the 2010 Plan and forfeited or terminated shares will be added to the 2017 Plan pool as described below. The Company adopted, and the shareholders approved, the 2017 Long-Term Incentive Plan (the “2017 Plan”), effective February 16, 2017 to provide incentives to eligible employees, directors and consultants. On February 2, 2018, the shareholders approved an amendment to the 2017 Plan to increase by 425,000 shares the number of shares of the Company's common stock that are available for issuance under the 2017 Plan. The maximum number of shares that can be issued under the 2017 Plan is not to exceed 1,550,000 shares, calculated as the sum of (i) 1,075,000 shares and (ii) up to 475,000 shares previously reserved for issuance under the 2010 Plan, including shares returned upon cancellation, termination or forfeiture of awards that were previously granted under that plan. As of June 30, 2018, a maximum of 1.5 million shares of the Company's common stock can be issued under the 2017 Plan in connection with the grant of awards. Outstanding stock options awarded under the 2017 Plan have exercise prices of $4.44 per share, and vest over a three year vesting period. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2017 Plan upon expiration of the award. The contractual term of stock options granted are substantially the same as described above for the 2007 Plan and 2010 Plan. As of June 30, 2018, there were stock option awards outstanding, net of awards expired, for an aggregate of 0.5 million shares of the Company’s common stock. Cash-Settled Plans Performance Units The Company adopted a performance incentive plan effective July 1, 2015 (the "Fiscal 2016 Performance Plan"). The Fiscal 2016 Performance Plan is intended to provide selected employees an opportunity to earn performance-based cash bonuses whose value is based upon the Company’s stock value and to encourage such employees to provide services to the Company and to attract new individuals with outstanding qualifications. The Fiscal 2016 Performance Plan seeks to achieve this purpose by providing for awards in the form of performance share units (the “Units”). No shares will be issued under the Fiscal 2016 Performance Plan. Awards may be settled only with cash and will be paid subsequent to award vesting. The fair value of share-based compensation awards, that include performance shares, are accounted for as liabilities. Vesting for the Units is subject to achievement of both service-based and performance-based vesting requirements. Performance-based vesting occurs in three installments if the Company meets certain performance criteria generally set for each year of a three-year performance period. The service-based vesting criteria occurs in a single installment at the end of the third fiscal year after the awards are granted if the participant has continuously remained in service from the date of award through the end of the third fiscal year. The fair value of these awards is based on the trading price of the Company's common stock and is remeasured at each reporting period date until settlement. The Company adopted separate performance incentive plans effective July 1, 2016 (the "Fiscal 2017 Performance Plan") and July 1, 2017 (the "Fiscal 2018 Performance Plan"). The Fiscal 2017 Performance Plan and Fiscal 2018 Performance Plan include performance-based and service-based vesting requirements and payment terms that are substantially the same as described above for the Fiscal 2016 Performance Plan. Phantom Units During the fiscal year ended June 30, 2018, the Company awarded phantom units to its executive officers and senior management. The vesting date for the phantom units is December 31, 2018, at which time the units will be settled in cash equal to (i) the number of vested units multiplied by (ii) the positive difference (if any) between the value at December 31, 2018 and $4.76, the closing price of the Company's common stock on the start date. The start date is December 29, 2017, the last business day of calendar year 2017. The fair value of these awards is based on the Black Scholes valuation model and is remeasured at each reporting period date until settlement. Stock-Based Compensation In accordance with accounting guidance for stock-based compensation, payments in equity instruments for goods or services are accounted for by the fair value method. For the fiscal years ended June 30, 2018, 2017 and 2016, stock-based compensation of $3.0 million, $2.3 million and $2.0 million, respectively, was reflected as an increase to additional paid in capital and $0.2 million, $0.7 million and $0.7 million, respectively, was reflected as an increase to other accrued expenses, all of which was employee related. At June 30, 2018, there was $2.7 million of unrecognized compensation cost related to nonvested share-based compensation arrangements under the 2010 and 2017 Plans, based on management's estimate of the shares that will ultimately vest. The Company expects to recognize such costs over a weighted-average period of 1.57 years. Stock Options During the fiscal year ended June 30, 2018, the Company awarded stock options ("FY 2018 Stock Options") to its executive officers and senior management. The vesting period for the FY 2018 Stock Options is three years and occurs as follows: (1) one-third of the total number of shares awarded vest on January 1, 2019; (2) one-twelfth of the total number of shares awarded vest on the last day of each fiscal quarter following January 1, 2019. The fair value of the stock options will be recognized on a straight-line basis over the requisite service period of the awards. There were no stock option grants during the fiscal years ended June 30, 2017 and 2016. The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair value as follows:
| June 30, 2018
Weighted-average grant date fair value | $ | 2.25 |
Risk-free interest rate | 2.3 | %
Expected volatility | 59.0 | %
Expected life (years) | 4.7 |
The following is a summary of stock option activity for the fiscal years ended June 30, 2018, 2017 and 2016:
| Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2015 | 462 |  |  | $ | 7.87 |  |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |  |
Exercised | (46 | ) |  | 5.66 |  |  |  |  | $ | 209 |
Forfeited | (33 | ) |  | 17.85 |  |  |  |  |
Expired or Canceled | — |  |  | — |  |  |  |  |
Outstanding at June 30, 2016 | 383 |  |  | 7.28 |  |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |  |
Exercised | (4 | ) |  | 4.14 |  |  |  |  | $ | 17 |
Forfeited | (62 | ) |  | 12.64 |  |  |  |  |
Expired or Canceled | (7 | ) |  | 2.45 |  |  |  |  |
Outstanding at June 30, 2017 | 310 |  |  | 6.35 |  |  |  |  |  |
Granted | 461 |  |  | $ | 4.44 |  |  |  |  |  |
Exercised | (21 | ) |  | 2.96 |  |  |  |  | $ | 33 |
Forfeited | (20 | ) |  | 16.26 |  |  |  |  |
Expired or Canceled | — |  |  | — |  |  |  |  |
Outstanding at June 30, 2018 | 730 |  |  | 4.96 |  |  | 6.69 |  | $ | 1,310 |
Exercisable at June 30, 2018 | 268 |  |  | $ | 5.86 |  |  | 1.70 |  | $ | 420 |
Restricted Shares The following is a summary of restricted shares granted during the fiscal years ended June 30, 2018, 2017 and 2016:
Nonvested Shares |  | Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at June 30, 2015 |  | 250 |  |  | $ | 9.36 |
Granted |  | 60 |  |  | $ | 5.94 |
Vested |  | (40 | ) |  | 15.64 |
Forfeited |  | (39 | ) |  | 16.21 |
Nonvested at June 30, 2016 |  | 231 |  |  | 6.24 |
Vested at June 30, 2016 |  | — |  |  | — |
Granted |  | 156 |  |  | $ | 5.81 |
Vested |  | (88 | ) |  | 8.31 |
Forfeited |  | (22 | ) |  | 10.70 |
Nonvested at June 30, 2017 |  | 277 |  |  | 4.98 |
Vested at June 30, 2017 |  | — |  |  | — |
Granted |  | 190 |  |  | $ | 4.57 |
Vested |  | (355 | ) |  | 4.62 |
Forfeited |  | (3 | ) |  | 5.22 |
Nonvested at June 30, 2018 |  | 109 |  |  | 5.43 |
Vested at June 30, 2018 |  | — |  |  | $ | — |
The total vesting date fair value of restricted shares that vested during the fiscal years ended June 30, 2018, 2017 and 2016 was $1.6 million, $0.7 million and $0.4 million, respectively. Performance Restricted Stock Units During the fiscal years ended June 30, 2017 and 2016, the Company awarded performance restricted stock units ("FY 2017 Performance Stock Units" and "FY 2016 Performance Stock Units") to its executive officers and senior management (the "Recipients"). Vesting for the FY 2017 Performance Stock Units and FY 2016 Performance Stock Units occurs in a single installment and is achieved at the end of the three year performance period if the participant has continuously remained in service from the date of the award through the end of the performance period. Each performance restricted stock unit represents a contingent right for the Recipient to receive, within thirty days after the end of the performance period, a distribution of shares of common stock of the Company equal to 0% to 200% of the target number of performance restricted stock units subject to the award. The actual number of shares distributed will be based on the Company's total stockholder return ("TSR") performance during the relevant performance period, subject to acceleration upon a change in control of the Company. The vesting for 50% of the target performance restricted stock units is based upon the Company's absolute TSR for the performance period as compared to a matrix of fixed numeric values and the vesting for the other 50% of the target performance restricted stock units is based upon the relative comparison of the Company's TSR to the Vanguard Russell 2000 exchange traded fund TSR. The fair value of the performance restricted stock units will be recognized on a straight-line basis over the requisite service period of the awards, regardless of when, if ever, the market-based performance conditions are satisfied. No performance restricted stock units were granted during the fiscal year ended June 30, 2018. The fair values of performance restricted stock units granted during the fiscal years ended June 30, 2017 and 2016 were estimated using a Monte Carlo simulation model which included the following assumptions in order to reflect the performance conditions that must be satisfied for the share units to vest:
| June 30, 2017 |  | June 30, 2016
Risk-free interest rate | 1.5 | % |  | 1.3 | %
Dividend yield | — | % |  | — | %
Expected volatility - Company | 62.0 | % |  | 55.5 | %
Expected volatility - peer company | 17.1 | % |  | 15.7 | %
Total measurement period (years) | 2.8 |  |  | 3.0 |
The following is a summary of performance restricted stock units granted during the fiscal years ended June 30, 2018, 2017 and 2016:
|  | Number of Units (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at June 30, 2015 |  | 115 |  |  | $ | 10.76 |
Granted |  | 848 |  |  | $ | 12.30 |
Vested |  | (15 | ) |  | 10.76 |
Forfeited |  | (485 | ) |  | 11.25 |
Nonvested at June 30, 2016 |  | 463 |  |  | 13.07 |
Granted |  | 420 |  |  | $ | 4.69 |
Vested |  | (10 | ) |  | 10.76 |
Forfeited |  | (111 | ) |  | 12.86 |
Nonvested at June 30, 2017 |  | 762 |  |  | 8.51 |
Granted |  | — |  |  | $ | — |
Vested |  | — |  |  | — |
Forfeited |  | (132 | ) |  | 7.02 |
Nonvested at June 30, 2018 |  | 630 |  |  | 8.82 |
Vested at June 30, 2018 |  | — |  |  | $ | — |
No performance restricted stock units vested during the fiscal year ended June 30, 2018. The total vesting date fair value of performance restricted stock units that vested during the fiscal years ended June 30, 2017 and 2016 was $0.1 million and $0.1 million, respectively. Cash-Settled Performance Units The following is a summary of cash-settled performance units granted during the fiscal years ended June 30, 2018, 2017 and 2016:
|  | Number of Units (in thousands) |  | Weighted Average Grant Date Fair Value
Outstanding at June 30, 2015, nonvested |  | — |  |  |
Granted |  | 77 |  |  | $ | 8.47 |
Vested |  | (13 | ) |  | — |
Forfeited |  | (13 | ) |  | $ | 8.30 |
Outstanding at June 30, 2016, nonvested |  | 51 |  |  |
Granted |  | 95 |  |  | $ | 13.17 |
Vested |  | (25 | ) |  | — |
Forfeited |  | (89 | ) |  | $ | 12.43 |
Outstanding at June 30, 2017, nonvested |  | 32 |  |  |
Granted |  | 87 |  |  | $ | 4.65 |
Vested |  | (32 | ) |  | — |
Forfeited |  | (29 | ) |  | $ | 6.48 |
Outstanding at June 30, 2018, nonvested |  | 58 |  |  |
The fair value of vested awards under the cash-settled performance plan for the fiscal years ended June 30, 2018, 2017 and 2016 was $0.2 million, $0.1 million and $0.2 million, respectively. Payments of $0.2 million, $0.2 million and $0.1 million were made to settle vested cash-settled performance units during the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Cash-Settled Phantom Units The fair value of phantom unit awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair value as follows:
| June 30, 2018
Weighted-average grant date fair value | $ | 0.40 |
Risk-free interest rate | 2.1% - 2.3% |
Expected volatility | 56.2% - 57.0% |
Expected life (years) | 0.5 - 0.8 |
The following is a summary of cash-settled phantom units granted during the fiscal year ended June 30, 2018:
|  | Number of Units (in thousands) |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2017, nonvested |  | — |  |  |  |  |
Granted |  | 170 |  |  |  |  |
Vested |  | — |  |  |  |  |
Forfeited |  | — |  |  |  |  |
Outstanding at June 30, 2018, nonvested |  | 170 |  |  | 0.50 |  | $ | 273 |
No phantom units were outstanding as of June 30, 2017 and 2016. Warrants As of June 30, 2018, the Company had no outstanding warrants. The following is a summary of the warrant activity for the fiscal years ended June 30, 2018, 2017 and 2016 (in thousands):
| Common Stock Warrants
Outstanding and exercisable, June 30, 2015 | 87 |
Issued | — |
Canceled | — |
Exercised | (7 | )
Expired | — |
Outstanding and exercisable, June 30, 2016 | 80 |
Issued | — |
Canceled | — |
Exercised | (80 | )
Expired | — |
Outstanding and exercisable, June 30, 2017 | — |
Issued | — |
Canceled | — |
Exercised | — |
Expired | — |
Outstanding and exercisable, June 30, 2018 | — |
As of June 30, 2018, 2017 and 2016, the Company had no warrants classified as derivative liabilities.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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