XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.20.2

Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | 12 Months Ended
--- | ---
Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | (10) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans 2011 Stock Incentive Plan (“2011 Plan”) The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of the Company’s business strategy. At the time of approval, 350,000 shares of Astrotech’s common stock were reserved for issuance under this plan. On June 26, 2014, an additional 400,000 shares of Astrotech’s common stock were approved for issuance under this plan. On December 7, 2017, an additional 225,000 shares of Astrotech’s common stock were approved for issuance under this plan. On December 7, 2018, an additional 537,197 shares of Astrotech’s common stock were approved for issuance under this plan. On June 29, 2020, an additional 1,500,000 shares of Astrotech’s common stock were approved for issuance under this plan. The 2011 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock, stock options, stock appreciation rights, and restricted stock to employees, directors, and consultants of the Company. As of June 30, 2020, there were 2,122,523 shares available for grant under the 2011 Plan. Stock Option Activity Summary The Company’s stock option activity for the years ended June 30, 2020 and 2019 was as follows:
|  | Shares (In thousands) |  |  | Weighted Average Exercise Price |
Outstanding at June 30, 2018 |  |  | 361 |  |  | $ | 5.48 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | (3 | ) |  |  | 2.25 |
Canceled or expired |  |  | (34 | ) |  |  | 3.51 |
Outstanding at June 30, 2019 |  |  | 324 |  |  | $ | 5.71 |
Granted |  |  | 10 |  |  |  | 1.85 |
Exercised |  |  | — |  |  |  | — |
Canceled or expired |  |  | (9 | ) |  |  | 4.18 |
Outstanding at June 30, 2020 |  |  | 325 |  |  | $ | 5.68 |
The aggregate intrinsic value of options exercisable at June 30, 2020 was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2020 was $0.
Range of exercise prices |  | Number Outstanding |  |  | Options Outstanding Weighted- Average Remaining Contractual Life (years) |  |  | Weighted- Average Exercise Price |  |  | Number Exercisable |  |  | Options Exercisable Weighted- Average Exercise Price |
$1.85 – $3.55 |  |  | 76,500 |  |  | $ | 2.78 |  |  | $ | 3.43 |  |  |  | 66,500 |  |  | $ | 3.43 |
$5.30 – $5.85 |  |  | 118,813 |  |  |  | 6.86 |  |  |  | 5.49 |  |  |  | 113,203 |  |  |  | 5.49 |
$6.00 – $8.35 |  |  | 130,000 |  |  |  | 4.40 |  |  |  | 7.19 |  |  |  | 86,000 |  |  |  | 6.59 |
$1.85 – $8.35 |  |  | 325,313 |  |  | $ | 4.92 |  |  | $ | 5.68 |  |  |  | 265,703 |  |  | $ | 5.33 |
Compensation costs recognized related to vested stock option awards during the years ended June 30, 2020 and 2019 were $147 thousand and $171 thousand, respectively. At June 30, 2020, there was $13 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 2.3 years. Restricted Stock The Company’s restricted stock activity for the years ended June 30, 2020 and 2019, was as follows:
|  | Shares (In thousands) |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at June 30, 2018 |  |  | 28 |  |  | $ | 10.16 |
Granted |  |  | 209 |  |  |  | 3.40 |
Exercised |  |  | (4 | ) |  |  | 8.86 |
Canceled or expired |  |  | (25 | ) |  |  | 4.55 |
Outstanding at June 30, 2019 |  |  | 208 |  |  | $ | 4.06 |
Granted |  |  | 5 |  |  |  | 2.47 |
Exercised |  |  | (63 | ) |  |  | 3.77 |
Canceled or expired |  |  | (17 | ) |  |  | 4.06 |
Outstanding at June 30, 2020 |  |  | 133 |  |  | $ | 3.95 |
Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2020 and 2019 were $202 thousand and $135 thousand, respectively. At June 30, 2020, there was $295 thousand of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.5 years. Fair Value of Stock-Based Compensation Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2020 and 2019 and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table:
|  | Year Ended June 30, 2020 |  |  | Year Ended June 30, 2019 |
Expected Dividend Yield |  | — |  |  | — |
Expected Volatility |  |  | 103.14 | % |  |  | 99.59 | %
Risk-Free Interest Rates |  |  | 0.66 | % |  |  | 2.00 | %
Expected Option Life (in years) |  |  | 3.50 |  |  |  | 3.50 |
Weighted-average grant-date fair value of options awarded |  | $ | 2.42 |  |  | $ | 3.01 |
| • | The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.
| • | The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.
| • | The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.
| • | For the years ended June 30, 2020 and June 30, 2019, the Company used the simplified method of calculating the expected life of the options.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration