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Incentive Plans | 12 Months Ended
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Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Incentive Plans | Incentive Plans As of June 30, 2017, the Corporation had two active share-based compensation plans, which are described below. These plans are the 2013 Equity Incentive Plan ("2013 Plan") and the 2010 Equity Incentive Plan (“2010 Plan”). Additionally, the Corporation had two inactive share-based compensation plans - the 2006 Equity Incentive Plan ("2006 Plan") and the 2003 Stock Option Plan (“the Stock Option Plan”). For the years ended June 30, 2017, 2016 and 2015, the compensation cost for these plans was $1.5 million, $1.1 million and $1.5 million, respectively. Net income tax (benefit) expense recognized in the Consolidated Statements of Stockholders' Equity for share-based compensation plans for the years ended June 30, 2017, 2016 and 2015 was $(57,000), $(222,000) and $(397,000), respectively. Equity Incentive Plans. The Corporation established and the shareholders approved the 2013 Plan, the 2010 Plan and the 2006 Plan (collectively, the Plans") for directors, advisory directors, directors emeriti, officers and employees of the Corporation and its subsidiary. The 2013 Plan authorizes 300,000 stock options and 300,000 shares of restricted stock. The 2013 Plan also provides that no person may be granted more than 60,000 stock options or 45,000 shares of restricted stock in any one year. The 2010 Plan authorizes 586,250 stock options and 288,750 shares of restricted stock. The 2010 Plan also provides that no person may be granted more than 117,250 stock options or 43,312 shares of restricted stock in any one year. The 2006 Plan authorizes 365,000 stock options and 185,000 shares of restricted stock. The 2006 Plan also provides that no person may be granted more than 73,000 stock options or 27,750 shares of restricted stock in any one year. Equity Incentive Plans - Stock Options. Under the Plans, options may not be granted at a price less than the fair market value at the date of the grant. Options typically vest over a five-year or shorter period as long as the director, advisory director, director emeritus, officer or employee remains in service to the Corporation. The options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the options granted is 10 years. The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions. The expected volatility is based on implied volatility from historical common stock closing prices for the prior 84 months. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis. The expected term is based on the historical experience of all fully vested stock option grants and is reviewed annually. The risk-free interest rate is based on the U.S. Treasury note rate with a term similar to the underlying stock option on the particular grant date.
| Fiscal 2017 | Fiscal 2016 | Fiscal 2015
Expected volatility | 41.4% - 41.7% |  | — | % | 53.7 | %
Weighted-average volatility | 41.7 | % | — | % | 53.7 | %
Expected dividend yield | 2.7 | % | — | % | 3.0 | %
Expected term (in years) | 7.4 |  | - |  | 7.2 |
Risk-free interest rate | 1.5 | % | — | % | 2.2 | %
In fiscal 2017, there were 26,000 options granted under the Plans, with 50% vesting after two years of service and 50% vesting after four years of service and the weighted-average fair value of the options granted as of the grant date was $6.50 per option. Also in fiscal 2017, 102,000 options were exercised and 186,750 options were forfeited. In fiscal 2016, there were no options granted under the Plans, while 80,500 options were exercised and 3,000 options were forfeited. In fiscal 2015, there were 369,000 options granted under the Plans with 50% vesting after two years of service and 50% vesting after four years of service and the weighted-average fair value of the options granted as of the grant date was $6.06 per option. Also in fiscal 2015, 52,500 options were exercised and 3,000 options were forfeited. As of June 30, 2017 and 2016, there were 145,000 and 136,750 options, respectively, available for future grants under the Plans. The following tables summarize the stock option activity in the Plans during the years ended June 30, 2017, 2016 and 2015:
Options | Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000)
Outstanding at June 30, 2014 | 648,000 |  | $12.84 |  |
Granted | 369,000 |  | $14.59 |  |
Exercised | (52,500 | ) | $7.19 |  |
Forfeited | (3,000 | ) | $7.43 |  |
Outstanding at June 30, 2015 | 961,500 |  | $13.83 | 6.35 | $ | 4,578 |
Vested and expected to vest at June 30, 2015 | 881,700 |  | $13.76 | 6.09 | $ | 4,412 |
Exercisable at June 30, 2015 | 562,500 |  | $13.24 | 4.34 | $ | 3,750 |
Outstanding at June 30, 2015 | 961,500 |  | $13.83 |  |
Granted | — |  | $— |  |
Exercised | (80,500 | ) | $7.33 |  |
Forfeited | (3,000 | ) | $14.59 |  |
Outstanding at June 30, 2016 | 878,000 |  | $14.43 | 5.44 | $ | 4,943 |
Vested and expected to vest at June 30, 2016 | 800,800 |  | $14.40 | 5.17 | $ | 4,661 |
Exercisable at June 30, 2016 | 492,000 |  | $14.25 | 3.28 | $ | 3,535 |
Outstanding at June 30, 2016 | 878,000 |  | $14.43 |  |
Granted | 26,000 |  | $19.58 |  |
Exercised | (102,000 | ) | $9.22 |  |
Forfeited | (186,750 | ) | $25.52 |  |
Outstanding at June 30, 2017 | 615,250 |  | $12.14 | 5.76 | $ | 4,386 |
Vested and expected to vest at June 30, 2017 | 574,600 |  | $11.92 | 5.63 | $ | 4,222 |
Exercisable at June 30, 2017 | 412,000 |  | $10.60 | 4.90 | $ | 3,563 |
As of June 30, 2017 and 2016, there was $894,000 and $1.5 million of unrecognized compensation expense, respectively, related to unvested share-based compensation arrangements with respect to stock options issued under the Plans. The expense is expected to be recognized over a weighted-average period of 1.6 years and 2.2 years, respectively. The forfeiture rate during fiscal 2017 and 2016 was 20 percent for both periods, and was calculated by using the historical forfeiture experience of all fully vested stock option grants and is reviewed annually. Equity Incentive Plans – Restricted Stock. The Corporation used 300,000 shares, 288,750 shares and 185,000 shares of its treasury stock to fund awards of restricted stock under the 2013 Plan, the 2010 Plan and the 2006 Plan, respectively. Awarded shares typically vest over a five-year or shorter period as long as the director, advisory director, director emeriti, officer or employee remains in service to the Corporation. Once vested, a recipient of restricted stock will have all rights of a shareholder, including the power to vote and the right to receive dividends. The Corporation recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. In fiscal 2017, 24,000 shares of restricted stock were awarded under the Plans with 50% vesting after two years of service and 50% vesting after four years of service, while 87,750 shares were vested and distributed and 15,250 shares were forfeited. In fiscal 2016, no shares of restricted stock were awarded under the Plans, while 10,000 shares were vested and distributed and no shares were forfeited. In fiscal 2015, a total of 185,000 shares of restricted stock were awarded under the Plans with 50% vesting after two years of service and 50% vesting after four years of service, while 65,000 shares were vested and distributed and 1,500 shares were forfeited. As of June 30, 2017 and 2016, there were 265,750 and 276,850 shares available for future awards under the Plans, respectively. The following table summarizes the restricted stock activity for the years ended June 30, 2017, 2016 and 2015:
Unvested Shares | Shares | Weighted-Average Award Date Fair Value
Unvested at June 30, 2014 | 81,500 |  | $8.34
Awarded | 185,000 |  | $13.30
Vested | (65,000 | ) | $7.07
Forfeited | (1,500 | ) | $7.07
Unvested at June 30, 2015 | 200,000 |  | $13.35
Expected to vest at June 30, 2015 | 160,000 |  | $13.35
Unvested at June 30, 2015 | 200,000 |  | $13.35
Awarded | — |  | $—
Vested | (10,000 | ) | $13.80
Forfeited | — |  | $—
Unvested at June 30, 2016 | 190,000 |  | $13.33
Expected to vest at June 30, 2016 | 152,000 |  | $13.33
Unvested at June 30, 2016 | 190,000 |  | $13.33
Awarded | 24,000 |  | $17.06
Vested | (87,750 | ) | $13.30
Forfeited | (15,250 | ) | $13.30
Unvested at June 30, 2017 | 111,000 |  | $14.16
Expected to vest at June 30, 2017 | 88,800 |  | $14.16
As of June 30, 2017 and 2016, the unrecognized compensation expense was $1.1 million and $1.7 million, respectively, related to unvested share-based compensation arrangements with respect to restricted stock issued under the Plans, and reported as a reduction to stockholders’ equity. This expense is expected to be recognized over a weighted-average period of 1.7 years and 2.2 years, respectively. Similar to stock options, a forfeiture rate of 20 percent has been applied to the restricted stock compensation expense calculations in fiscal 2017 and 2016. For the fiscal years ended June 30, 2017, 2016 and 2015, the fair value of shares vested and distributed was $1.7 million, $171,000 and $1.1 million, respectively. Stock Option Plan. The Corporation established the 2003 Stock Option Plan (the “Stock Option Plan”) for key employees and eligible directors with options to acquire up to 352,500 shares of common stock. Under the Stock Option Plan, stock options may not be granted at a price less than the fair market value at the date of the grant. Stock options typically vest over a five-year period on a pro-rata basis as long as the employee or director remains in service to the Corporation. The stock options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the stock options granted is 10 years. The fair value of each stock option grant is estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions. The expected volatility is based on implied volatility from historical common stock closing prices for the prior 84 months. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis. The expected term is based on the historical experience of all fully vested stock option grants and is reviewed annually. The risk-free interest rate is based on the U.S. Treasury note rate with a term similar to the underlying stock option on the particular grant date. In fiscal 2017, 2016 and 2015, there was no activity under the Stock Option Plan, except forfeitures of 12,500 shares, 7,500 shares and 25,000 shares, respectively. As of June 30, 2017 and 2016, there were no stock options available for future grants under the Stock Option Plan. The remaining available stock options under the 2003 Stock Option Plan expired in November 2013. The following is a summary of the activity in the Stock Option Plans for the years ended June 30, 2017, 2016 and 2015:
Options | Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000)
Outstanding at June 30, 2014 | 95,000 |  | $23.33 |  |
Granted | — |  | $— |  |
Exercised | — |  | $— |  |
Forfeited | (25,000 | ) | $24.80 |  |
Outstanding at June 30, 2015 | 70,000 |  | $22.81 | 1.69 | $ | — |
Vested and expected to vest at June 30, 2015 | 70,000 |  | $22.81 | 1.69 | $ | — |
Exercisable at June 30, 2015 | 70,000 |  | $22.81 | 1.69 | $ | — |
Outstanding at June 30, 2015 | 70,000 |  | $22.81 |  |
Granted | — |  | $— |  |
Exercised | — |  | $— |  |
Forfeited | (7,500 | ) | $29.93 |  |
Outstanding at June 30, 2016 | 62,500 |  | $21.95 | 0.88 | $ | — |
Vested and expected to vest at June 30, 2016 | 62,500 |  | $21.95 | 0.88 | $ | — |
Exercisable at June 30, 2016 | 62,500 |  | $21.95 | 0.88 | $ | — |
Outstanding at June 30, 2016 | 62,500 |  | $21.95 |  |
Granted | — |  | $— |  |
Exercised | — |  | $— |  |
Forfeited | (12,500 | ) | $30.08 |  |
Outstanding at June 30, 2017 | 50,000 |  | $19.92 | 0.07 | $ | — |
Vested and expected to vest at June 30, 2017 | 50,000 |  | $19.92 | 0.07 | $ | — |
Exercisable at June 30, 2017 | 50,000 |  | $19.92 | 0.07 | $ | — |
As of June 30, 2017 and 2016, there was no unrecognized compensation expense under the Stock Option Plan.

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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 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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