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Share-Based Compensation | 12 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Long-Term Incentive Plans Equity-Settled Plans The Company adopted, and the stockholders approved, the 2017 Long-Term Incentive Plan (the “2017 Plan”), effective February 16, 2017, to provide incentives to eligible employees, directors and consultants. T he initial share pool approved was 650,000 shares. On November 12, 2022, the stockholders approved amendments to the 2017 Plan to increase the number of shares of the Company's common stock that are available for issuance under the 2017 Plan by 1,052,000 shares. As of June 30, 2023, a maximum of 4.0 million shares of the Company's common stock can be issued under the 2017 Plan in connection with the grant of awards which is calculated as the sum of (i) 3,492,000 shares and (ii) up to 475,000 shares previously reserved for issuance under the Company's prior 2010 Long Term Incentive Plan, including shares returned upon cancellation, termination or forfeiture of awards that were previously granted under that plan. Outstanding stock options awarded under the 2017 Plan have exercise prices of $4.44 per share, vest over a three year vesting period, and have a contractual term of ten years. Awards expire in accordance with the terms of each award and, upon expiration of the award, the shares subject to the award are added back to the 2017 Plan. As of June 30, 2023, under the 2017 Plan, there were stock option awards outstanding, net of awards expired, for an aggregate of 0.1 million shares of the Company’s common stock. Employee Stock Purchase Plan General. The Company’s 2019 Employee Stock Purchase Plan ("ESPP") was adopted by its board of directors in September 2018 and its stockholders approved it in November 2018. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. Share Reserve. The Company has reserved 0.4 million shares of its common stock for issuance under the ESPP. As of June 30, 2023, 0.1 million shares were available for issuance. The number of shares reserved under the ESPP will automatically be adjusted in the event of a stock split, stock dividend or a reverse stock split (including an adjustment to the per-purchase period share limit). Purchase Price. Employees may purchase each share of common stock under the ESPP at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of the six-month offering periods. An employee’s contributions to the ESPP are limited to 15% of the compensation, and up to a maximum of 3,000 shares may be purchased by an employee during any offering period. A participant shall not be granted an option under the ESPP if such option would permit the participant’s rights to purchase stock to accrue at a rate exceeding $25,000 fair market value of stock for each calendar year in which such option is outstanding at any time. Offering Periods. Unless otherwise determined by the compensation committee, the ESPP will be operated through a series of successive six-month offering periods, which will begin each year on March 1 and September 1. During the fiscal years ended June 30, 2023 and 2022, 0.1 million and 0.1 million shares of common stock were purchased under the ESPP, respectively. 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 year ended June 30, 2023 and 2022, stock-based compensation of $3.2 million and $1.8 million, respectively, was reflected as an increase to additional paid in capital. At June 30, 2023, there was $2.7 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the 2017 Plan, 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 1.45 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, subject to continued service through the applicable vesting dates: one-third of the total number of shares awarded vests on January 1, 2019; and one-twelfth of the total number of shares awarded vests 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, 2023 and 2022. The following is a summary of stock option activity for the fiscal years ended June 30, 2023 and 2022:
| Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2021 | 178 |  |  | $ | 5.96 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (30) |  |  | 4.44 |  |  |  |  | $ | 108 |
Forfeited | (2) |  |  | 16.12 |  |  |  |  |
Expired or Canceled | (54) |  |  | 5.93 |  |  |  |  |
Outstanding at June 30, 2022 | 92 |  |  | 6.23 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  | $ | — |
Forfeited | — |  |  | — |  |  |  |  |
Expired or Canceled | (20) |  |  | 12.46 |  |  |  |  |
Outstanding at June 30, 2023 | 72 |  |  | 4.44 |  |  | 4.59 |  | $ | — |
Exercisable at June 30, 2023 | 72 |  |  | $ | 4.44 |  |  | 4.59 |  | $ | — |
Restricted Stock Awards The following is a summary of restricted stock award activity during the fiscal years ended June 30, 2023 and 2022:
|  | Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at June 30, 2021 |  | 41 |  |  | $ | 11.14 |
Granted |  | 66 |  |  | $ | 6.85 |
Vested |  | (41) |  |  | 11.14 |
Forfeited |  | — |  |  | — |
Nonvested at June 30, 2022 |  | 66 |  |  | 6.85 |
Granted |  | 117 |  |  | $ | 3.85 |
Vested |  | (66) |  |  | 6.85 |
Forfeited |  | — |  |  | — |
Nonvested at June 30, 2023 |  | 117 |  |  | 3.85 |
The total vesting date fair value of restricted shares that vested during the fiscal years ended June 30, 2023 and 2022 w as $0.3 million and $0.3 million, respectively. Restricted Stock Units The following is a summary of restricted stock units activity during the fiscal years ended June 30, 2023 and 2022:
|  | Number of Units (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at June 30, 2021 |  | 185 |  |  | $ | 12.54 |
Granted |  | 321 |  |  | $ | 6.60 |
Vested |  | (92) |  |  | 13.17 |
Forfeited |  | (80) |  |  | 9.18 |
Nonvested at June 30, 2022 |  | 334 |  |  | 7.36 |
Granted |  | 417 |  |  | $ | 4.19 |
Vested |  | (156) |  |  | 8.04 |
Forfeited |  | (56) |  |  | 6.20 |
Nonvested at June 30, 2023 |  | 539 |  |  | 4.90 |
The total vesting date fair value of restricted stock units that vested during the fiscal years ended June 30, 2023 and 2022 was $0.6 million and $0.6 million, respectively. Performance Restricted Stock Units The Company awards performance restricted stock units to certain employees (the "Recipients"). Each performance restricted stock unit represents a contingent right for the Recipients to receive 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 achievement of specified financial performance metrics. The performance period for the performance restricted stock unit ends on the last day of the fiscal year the awards are issued. For the fiscal year ended June 30, 2023, the number of performance restricted stock units distributed were based on 133.13% achievement of specified financial performance metrics. The performance restricted stock units will vest only to the extent the specified financial performance criteria are achieved and subject to the Recipient’s continued service with the Company, as follows: (i) a portion of the earned award will vest on the first anniversary of the grant date and (ii) an additional portion of the earned award will vest thereafter in a series of quarterly installments. The fair values of the performance restricted stock units are based on the grant date fair value which is the closing price of the Company's common stock on the date of grant. During the fiscal years ended June 30, 2023 and 2022, the Company awarded performance restricted stock units ("FY 2023 Performance Restricted Stock Units" and "FY 2022 Performance Restricted Stock Units") to certain employees. The following is a summary of performance restricted stock units activity during the fiscal years ended June 30, 2023 and 2022:
|  | Number of Units (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at June 30, 2021 |  | 12 |  |  | $ | 13.85 |
Granted |  | 176 |  |  | $ | 7.23 |
Vested |  | (10) |  |  | 13.63 |
Forfeited |  | (177) |  |  | 7.26 |
Nonvested at June 30, 2022 |  | 1 |  |  | 15.2 |
Granted(1) |  | 518 |  |  | $ | 4.24 |
Vested |  | (1) |  |  | 15.2 |
Forfeited |  | (26) |  |  | 4.27 |
Nonvested at June 30, 2023 |  | 492 |  |  | 4.24 |
(1) | Includes shares added based on achievement of performance goals in excess of target.
The total vesting date fair value of performance restricted stock units that vested during the fiscal years ended June 30, 2023 and 2022 was approximately $4,000 and $0.1 million, respectively.

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