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Employee Stock Ownership Plan | 12 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Employee Stock Ownership Plan | Employee Stock Ownership Plan As of December 31, 2018, the Company froze the ESOP such that (i) no employees of the Company may commence participation in the ESOP on or after December 31, 2018; (ii) no Company contributions will be made to the ESOP with respect to services performed or compensation received after December 31, 2018; and (iii) the ESOP accounts of all individuals who are actively employed by the Company and participating in the ESOP on December 31, 2018 will be fully vested as of such date. Additionally, the Administrative Committee, with the consent of the Board of Directors, designated certain employees who were terminated in connection with certain reductions-in-force in 2018 to be fully vested in their ESOP accounts as of their severance dates. The Company’s ESOP was established in 2000. The plan was a leveraged ESOP in which the Company was the lender. One of the two loans established to fund the ESOP matured in fiscal 2016 and the remaining loan was scheduled to mature in December 2018. The loan was repaid from the Company’s discretionary plan contributions over the original 15 year term with a variable rate of interest. The annual interest rate was 3.71% at December 31, 2018 when the plan was frozen.
|  | As of June 30,
|  | 2019 |  | 2018 |  | 2017
Loan amount (in thousands) |  | $— |  | $2,145 |  | $4,289
Shares were held by the plan trustee for allocation among participants as the loan was repaid. The unencumbered shares were allocated to participants using a compensation-based formula. Subject to vesting requirements, allocated shares are owned by participants and shares are held by the plan trustee until the participant retires. Historically, the Company used the dividends, if any, on ESOP shares to pay down the loans, and allocated to the ESOP participant shares equivalent to the fair market value of the dividends they would have received. No dividends were paid in fiscal 2019, 2018 or 2017. During the fiscal years ended June 30, 2019, 2018 and 2017, the Company charged $0.9 million, $2.3 million and $2.5 million, respectively, to compensation expense related to the ESOP. The difference between cost and fair market value of committed to be released shares was recorded as additional paid-in-capital.
|  | As of June 30,
|  | 2019 |  | 2018
Allocated shares |  | 1,393,530 |  |  | 1,502,323 |
Committed to be released shares |  | — |  |  | 73,826 |
Unallocated shares |  | — |  |  | 72,114 |
Total ESOP shares |  | 1,393,530 |  |  | 1,648,263 |
(In thousands) |  |  |  |
Fair value of ESOP shares |  | $ | 22,812 |  |  | $ | 50,354 |

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