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Stock Based Compensation (Tables)

3 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of fair value assumptions

The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2022 and 2021.

		September 30, 2022				September 30, 2021
Company’s expected volatility			27.10%			25.50%
Risk-free interest rate			2.66%			0.89%
Expected term			5.4 yrs			5.4 yrs
Weighted average fair value per share of options granted during the period			$4.11			$3.73

Schedule of stock option activity

The following table summarizes stock option activity during the three months ended September 30, 2022:

		Employee Stock Options Plan
											Weighted
		Number of					Weighted				Average
		Shares					Average				Remaining				Aggregate
		Subject					Exercise				Contractual				Intrinsic
		to Option					Price				Term				Value
Balance at July 1, 2022				246,273			$	20.89				6.73
Granted				71,200			$	13.61				9.84
Exercised				—				—				—
Forfeited or expired				(4,500)			$	18.20				—
Outstanding at September 30, 2022				312,973			$	19.27				7.22			$	12,816
Vested or expected to vest at September 30, 2022				282,623			$	19.74				7.02			$	10,483
Exercisable at September 30, 2022				141,598			$	24.49				4.94			$	0

Schedule of changes in non-vested stock options

The following table summarizes changes in non-vested stock options during the three months ended September 30, 2022:

			Weighted Number				Average
			of Shares Subject to Option				Grant Date Fair Value (per Option)
Non-vested at July 1, 2022			104,175			$	2.92
Granted			71,200			$	4.11
Vested			—				—
Forfeited or expired			(4,000)			$	1.91
Non-vested at September 30, 2022			171,375			$	3.44

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- References

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Tabular disclosure of the changes in outstanding nonvested shares.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Name Accounting Standards Codification
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